Money market

Zenith Bank records N75.32bn increase in profit

Zenith International Bank Plc released its 2017 half year result showing increase with N75.32 billion profit representing 112.35 percent.

In the result submitted to the Nigerian Stock Exchange (NSE) the bank’s profit was N39.85 billion more than N35.47 billion posted in the preceding period of 2016.

Its profit-before-tax stands at N92.18 billion, the results show that Zenith paid N16.86 billion tax for the six month operations in the New Year. Its gross earnings of N380.4 billion against N214.8 billion of Half Year of 2016 showed a growth of 77 per cent.

The report also states that Net interest income stands at N138.962 billion, as against N127 billion in 2016, while impairment charges increased by 196 per cent from N14.2 billion to N42 billion.

The bank’s trading income, realised from foreign exchange, jumped from negative N864 million to positive N65.318 billion; other operating income soared from N3.57 billion to N15.11 billion in 2017.

The bank also announced an interim dividend of N7.8 billion, which translated to 25k per share, same amount paid in the corresponding period of 2016.

The bank’s Chairman, Mr Jim Ovia, told the shareholders in March that the bank would continue to reward them accordingly.

The Chairman said in line with its commitment to delivering superior returns to its shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.

He stressed that the bank had maintained a culture of outstanding performance and industry leadership even in the face of a very challenging operating environment. “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantages to explore even new frontiers in the market.” he added.

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