Gabriel Omoh
13 November 2008
Zenith Bank Plc has announced a gross earnings of N208.29 billion for the financial year ending September 2008. This is 120 per cent over the N94.88 billion recorded last year.
The bank's full year results announced in Lagos yesterday showed that it remains a market leader with total assets plus contingents jumping by 98 per cent to N2.512 trillion, up from N1.271 trillion and shareholders funds rising to N346.6 billion, a 198 per cent rise from N116.4 billion recorded in the previous year.
Details of the full year result also showed increasing profitability as profit before tax rose by 119 per cent to N56.118 billion from N25.676 billion while profit after tax jumped 177 per cent to N51.992 per cent from N18.779 billion.
Equally impressive is the 198 per cent growth in shareholders funds, up from N116.454 billion to N346.617 billion, making Zenith Bank one of the most capitalised banks in Nigeria. The bank is also delivering on its promise to further enhance shareholders value with a dividend payout of N28.5 billion, the highest ever by any bank in Nigeria. This amounts to N1.70K per share as against N1.10K per share last year.
Zenith Bank, which recently moved its financial year end from June to September, has earned a reputation for consistent strong financial performance over the years.
The performance over the years has earned Zenith Bank excellent ratings and recognition from local and international agencies. Agusto & Co., Nigeria's foremost rating agency, has for the ninth consecutive year, rated Zenith Bank Triple Aaa, saying; "...the bank is a financial institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due" while Fitch Ratings currently rates Zenith Bank AA- (National).
The bank was last month named "Best Global Bank in Africa" by the African Banker at an award ceremony in Washington DC.
Earlier in August, the bank was named the Best Bank in Nigeria by Euromoney magazine.
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