Zenith Bank Profit Rises To N58bn In Six Months

Zenith Bank Plc on Wednesday announced a profit before tax (PBT)of N57.85 billion for the six months ending June 30, 2014, showing an increase of  seven per cent compared with  N54.08 billion for the corresponding period  of 2013.

Details of the results showed that Zenith Bank’s  gross earnings went up by 7.8 per cent from N171.02 billion in 2013 to N184.43 billion, while profit after tax (PAT)  grew from N45.42 billion in 2013 to N47.45 billion in 2014.

A further analysis of the financials also indicated that Zenith grew its assets by 15.2 per cent from N2.78 trillion to N3.20 trillion.

Similarly, shareholders’ funds rose by 7.43 per cent from N458.31 billion  492.38 billion. Zenith Bank’s cost to income ratio improved from 57.9 per cent to 56.4 pr cent, while loan to deposit ratio stood at 60.1 per cent compared to 55 per cent in the corresponding period of 2013.

SOURCE

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