Zenith Bank declares 2.6% increase in profit

By Kayode Tokede

Zenith Bank Plc has posted a profit before tax (PBT) of N117.05 billion for six months as at June 30, against N114.12 billion achieved in the comparative period of 2020.

This was stated in the company’s interim report signed by the Company Secretary, Mr Michael Otu, posted on the website of the Nigerian Exchange (NGX) Ltd in Lagos.

According to the result, gross earnings of the Group stands at N345.55 billion for the period under review, as against N346.08 billion reported in the comparative period of 2020.

Also, Profit After Tax (PAT) grew from N106.11 billion recorded as at June 30, whereas N103.82 billion was posted in the corresponding period of 2020.

The result also showed company’s income tax expense of N10.94 billion for the period under review, against N10.29 billion recorded in 2020.

Also, basic, and diluted earnings per share of the bank stands at N3.38 in the period under review, while N3.30 was recorded in the same period of 2020.

According to the result, the Board of Directors proposed an interim dividend of 30 kobo per share, same as the 2020.

It explained that the decision would be presented for ratification by the shareholders at the next Annual General Meeting.