Zenith Bank posts N54bn half-year profit | Bizness Watch

Zenith Bank posts N54bn half-year profit

Zenith Bank Plc has announced a profit before tax of N54.1bn for the six-month period ended June 30, 2013, compared to N50bn it posted in the corresponding period of 2012.

The results, which were posted on the website of the Nigerian Stock Exchange, showed that the bank’s gross earnings rose by 13 per cent from the N151bn it reported in the first half of 2012 to N171bn in the same period in 2013.It also showed that Zenith Bank’s profit after tax rose from N42.41bn to N45.419bn.

Following the same pattern, the bank’s interest income grew by 16 per cent from N111bn to N128bn, net interest income appreciated by 15 per cent from N79.9bn to N91.35bn, while earnings per share rose by 11 per cent from 134 kobo to 144 kobo.

Its customers’ deposits were also up, rising by 18 per cent from N1.701tn to N2tn, indicating customers’ confidence in the bank.

However, its cost to income ratio reduced from 57.2 per cent to 53.3 per cent.

At the bank’s Annual General Meeting for the 2012 financial year, which was held in Lagos earlier this year, the Managing Director, Mr. Godwin Emefiele, had said its shareholders that the board and management remained committed to providing valuable financial services to customers, and working harder to accelerate the growth and increase its earnings, thereby ensuring better returns for the investors.

For his part, the Chairman, Zenith Bank, Mr. Steve Omojafor, had promised the shareholders that the management would overcome the challenges of the operating environment.

Omojafor, who stressed that the bank started the year, 2013 on the right note, said, “As a bank, we are monitoring developments both in the local and global economy and adapting our strategies as appropriate.

“Our growth over the years has been organically and intrinsically linked with the growth of our people who are a veritable source of competitive advantage. Your bank has always prided itself for attracting and developing the best talent, encouraging diversity and providing the best environment for a performance-driven organisational culture.

“A relentless focus on our customer enabled the business to deliver bigger, better and faster products with the most of our service delivery engendered by rare innovations. We continue to drive dominance of our offerings in the core areas with an eye on the future.”

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