By Kayode Tokede
Zenith Bank Plc has proposed interim dividend of N9.42 billion being N0.30 per share (2017: Interim dividend of N7.85 billion being N0.25 per share) from the retained earnings account as at June 30, 2018.
The Bank announced N81.74 billion profit in its interim results for half year (H1) ended June 30, 2018, an increase of about 8.52 per cent against N75.32 billion reported in half year ended June 30, 2017
The result that was released on the Nigerian Stock Exchange (NSE) on Monday revealed that profit before tax also increased by 16.46 per cent to N107.36 billion in H1 2018 from N92.18 billion reported in H1 2017.
Despite growth in profits, the group gross earnings was down by 15.31 per cent to N380.44 billion in H1 2018 from N322.20 billion reported in H1 2017.
.For the half year period of 2018, Zenith Bank reported 23.7 per cent increase in fee and commission income to N46.7 billion from N37.75 billion reported in prior half year period of 2017, while Impairment loss dropped significantly by 77.1 per cent to N9.7 billion as against N42.4 billion reported in H1 2017.
The group’s total assets dropped by 6.1 per cent to N5.25 trillion as at June 30, 2018 from N5.59 trillion reported in 2017 full year results, attributable to dwindling loans and advances to customers and drop in customers’ deposits.
Zenith Bank in half year of 2018 reported, 10.8 per cent to N1.87 trillion from N2.10 trillion reported in 2017 while customers deposit dropped by nearly eight per cent to N3.16 trillion as at June 30, 2018 from N3.43 trillion reported in 2017.
Key ratio, Non-Performing Loan (NPL) ratio added 60 basis points to 4.90 per cent in H1 2018 from 4.30per cent in H1 2017.