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Zenith Bank Announces N54bn Half-year Profit

Zenith Bank Plc has declared a profit before tax of N54.1 billion for the half year-ended June 30, 2013, showing a growth of eight per cent above the N50.2billion recorded in the corresponding period of 2012. According to the results revealed by the Nigerian Stock Exchange (NSE) on Thursday, profit after tax (PAT) grew by the same margin. PAT rose from N42.41 billion to N45.419 billion.

The bank had closed the period with a growth of 13 per cent in gross earnings from N151 billion to N171 billion. Interest income grew by 16 per cent from N111 billion to N128 billion, while net interest income appreciated by 15 per cent from N79.9 billion to N91.35 billion. However, a higher tax of N8.664 billion paid during the review period compared with N7.752 billion last year reduced the profit growth to eight per cent.

Customers’ deposits however grew by 18 per cent from N1.701 trillion to N2 trillion, showing customers’ loyalty and confidence in the bank. Also, cost to income ratio reduced from 57.2 per cent to 53.3 per cent. Earnings per share followed the same positive trajectory, rising by 11 per cent from 134 kobo to 144 kobo..

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