Zenith Bank posts N72bn half-year gross profits

Zenith Bank Plc has announced a profit before tax of N72 billion for the half year period ending June 30, 2015, representing 24 per cent increase over N58 billion posted in the same period in 2014.

The bank’s audited half-year financial statement released on the floor of the Nigerian Stock Exchange, NSE, showed that its profit after tax rose to N53 billion from N47 billion reported in the same period in 2014.

Also, the gross earnings increased by 24 per cent from N184.4 billion in June 2014 to N229.08 billion in the review period, while its net interest income rose by 14 per cent to N112.6 billion from N98.6 billion in 2004.

Customers’ confidence in the bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7 trillion in 2014.

Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent, which is below industry average Non-Performing Loan (NPl) ratio of 1.44 percent.

Based on the result, the board of directors recommended an interim dividend of 25 kobo per share, the first in the history of the bank. The qualifying date for the dividend is August 21, 2015  while the register will close on  August 24, 2015  to enable the bank’s registrar prepare for payment of the interim dividend.

Zenith Bank, the biggest in Nigeria by Tier-1 capital, recently adopted a new financial reporting policy of publishing audited half-yearly results, a development hailed by market analysts as representing a major boost for the financial brand.

The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

The cardinal values of excellent customer service, highly professional and competent workforce, as well as the optimal use of technology continue to be the driving forces behind the outstanding performance.