Despite Covid, Zenith Bank Reports 16.8% Rise In Pat To N103.8b In Q2.

One of Nigeria’s leading tier-1 lenders, Zenith Bank Plc on Thursday, 3rd of September 2020, published its Q2 2020 Unaudited results for the period ended June 30th, 2020.

From the result, Zenith Bank increased its gross earnings to N346.1 billion from N331.6 billion as interest income rose to N217.0 billion from N214.6 billion, while its Profit After Tax (PAT) grew by 16.8% to N103.8bn from N88.9 billion in the previous quarter, despite the COVID-19 pandemic and lockdown.

Zenith Bank had a profit before tax of N114.1 billion, higher than the N111.7 billion declared in the first half of 2019.

Key metrics

- Gross Earnings grew by 4.4% to N346bn from N332bn in the previous quarter.

- Profit before tax grew by 2.2% to N114bn.

- Profit after tax grew by 16.8% to N103.8bn.

- Net Assets grew by 5% from N942bn to N989bn.

The lender proposed an interim dividend of 30 kobo per share for the first half of 2020 ended June 30.

Zenith Bank's interest expense reduced to N59.6 billion from N72.1 billion, and the net interest income at N157.4 billion versus N142.5 billion in the first half of 2019. The rises in interest income were buoyed by loans and advances to customers and investment in government and other bonds.

Zenith Bank recorded N133.5 billion as net interest income after impairment loss on financial and non-financial instruments, higher than the N128.8 billion at the same time last year.

Despite the disruption of economic activities by the Covid-19 pandemic in most of the H1’20 period, the bank said personnel expenses gulped N38.9 billion in H1 2020 in contrast to N38.7 billion in H1 2019 as a result of the increase in salaries and wages.

Also, a higher AMCON levy, information technology, fuel and maintenance, donations and others pushed its operating expenses up to N82.7 billion from N76.8 billion.

Earnings per share (EPS) jumped to N3.30 from N2.83.

SOURCE: https://brandspurng.com/2020/09/03/zenith-bank-reports-16-8-rise-in-profit-after-tax

6 Ways To Protect Your Bank Account From Scam.

6 Important Things To Do To Protect Your Bank Account From Scam

In April this year, the Central Bank of Nigeria (CBN) issued a fraud alert to the Nigerian public about the alarming rate of cybercrime activities in the country. Since COVID-19 happened, cybercriminals have been on the rampage, defrauding citizens, stealing sensitive information, and gaining unauthorised access to electronic gadgets by all means necessary to them.

Below are six simple but useful ways gathered by DAILY TIMES that can help you secure your bank account and make it impregnable for scammers.

1) Never disclose sensitive information to anyone over the phone, via SMS, email, or in person.

Banks and various platforms are not oblivious of these, hence, the introduction of two-step verification to provide multiple channels of verifying your identity in case scammers gain access to one of the multiple access. Amidst all these, they still subtly masquerade themselves in appealing forms to retrieve sensitive details from you via phone calls, SMS, E-mail, or even in person.

The rule is simple. Never reveal your card number, OTP, Pin, or password to anyone over the phone, via SMS, email, or in person. Do not do this, even when the person requesting such details claim to be from your bank’s headquarters. Also, desist from clicking suspicious links or downloading attachments and apps from unknown sources.

Your bank will never call you with ‘080, 070, 090, etc’ kind of number. Also, they’ll never ask you for your ATM pin or ask you to disclose any information you just received via SMS or whatever. Most banks in Nigeria communicate via email.

2) Avoid the use of unsecured internet access

Do not perform sensitive financial transactions using public wifi or networks you do not know the source. Do not let your love for free things expose you to risks. Instead, use a secure connection whenever you perform online transactions. Scammers take advantage of this and tap into your electronic device to illegally access sensitive information.

3) Inspect the ATM machine

Another common way scammers now use to gain access into your bank account is by installing a ‘skimmer’ over the card reader in the ATM. A skimmer captures the data on your card when you place it into the machine. The scammers then use that data to create a dummy card, which can also be used to access your account.

Skimmers are not always obvious as they are built to blend in with ATMs but you need to be actively looking for them. So before you place your card into the card reader, always check the ATM for any signs of tampering, including scratches and marks; anything that looks out of place, for instance, different coloured plastic around the card slot; anything that moves when it’s pushed (ATMs are built well and don’t usually have loose parts).

If you notice anything suspicious, report it to the financial institution that owns the ATM and use another machine. Skimmers don’t restrict the ATM from dispensing cash. Its aim is to collect your card details.

4) Keep your card out of the sight of unfamiliar/suspicious faces

Not all card-related scams happen at the ATM. Another common place for scammers to steal your card information is at places you go to chill out or have unfamiliar faces like a restaurant or shop. This could involve a waiter subtly taking your card away from your table to create a dummy card. Alternatively, a store attendant may skim your details while it’s behind their desk. Never let anyone take your card out of your sight.

DISCLAIMER: Family members can also gain access to your bank accounts without your permission. So, keep an eye on them and your card too.

5) Check your balance regularly

Check your account balance regularly. Go through your transactions and make sure your account balance correlates with what you’ve received and withdrawn. If you operate a joint account, let your partner do the same. Banks are usually quite effective at detecting suspicious activity on their customers’ accounts. But they’re not always perfect. This will limit the possibility of your account being compromised. If you ever notice anything suspicious call your bank or financial institution immediately.

6) Stay vigilant

Finally, scammers rely on targeting their victims when they’re distracted or when they least expect it. For that reason, many bank card breaches happen in crowded places (such as busy malls), when we’re enjoying ourselves (such as bars and restaurants) or when we’re out of our comfort zone (such as when we’re overseas).

For that reason, you should always be especially cautious when you’re at your most vulnerable. If you notice fraudulent activity on your bank account, notify your financial institution immediately so that your card can be put on hold or canceled.