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Zenith Bank Posts N81.7bn Net Profit In H1



Shareholders of Zenith Bank Plc have reasons to smile as the bank announced an interim dividend of N9.4 billion for the half year ended June 30, 2018.

The dividend, which translates to 30 kobo per share, was declared following a profit after tax (PAT) of N81.737 billion reported for the period.

The audited half year results of Zenith Bank released to the investing public on the Nigerian Stock Exchange (NSE) yesterday showed that the bank’s profit after tax grew by 8.5 per cent to N81.737 billion from N75.317 billion achieved in half year 2017, while earnings per share stood at N2.60 from N2.40.

However, the bank recorded gross earnings of N322.201 billion, down by 15.3 per cent from N380.201 billion posted in the corresponding period of 2017. Net interest income stood at N228.670 billion, as against N262.257 billion in 2017. Interest expense decreased by 39.4 per cent from N123.295 billion to N74.709 billion.

Cash and cash equivalents declined by 11.9 per cent to N843.674 billion as against N957.663 billion in full year 2017, loans and advances was down by 10.9 per cent to N2.314 trillion compared to N2.596 trillion, while deposits were down by 7.9 per cent to N3.166 trillion from N3.438 trillion in full year 2017

Total assets stood at N5.256 trillion lower than N5.595 trillion achieved in 2017, while total liabilities went down to N4.537 trillion as against N4.774 trillion in full year 2017.

Recently, speaking at the bank’s Annual General Meeting, the group managing director, Mr. Peter Amangbo, said the management of the bank had made progress in its vision to entrench sustainability in its operations.

He noted that as technology has become the focus of financial service delivery, the bank would continue to offer outstanding financial solutions that would be “anchored on a superb combination of technology and human touch for easy, fast and secure banking.”

On the outlook for the 2018 financial year, he said, “The succeeding year will be challenging from the perspective of competition, which traditionally evokes the best in us.”

“The year will come with its challenges and opportunities considering the highly competitive nature of the Nigerian market, the dynamics of contemporary service provision and variable customer expectations.”

As a strategy towards mitigating the impact of the challenging environment, the Zenith Bank GMD said the management of the bank would increase the quality of its engagement and be more proactive by anticipating fluctuations in the economy and markets.