13 November 2008
Lagos — Zenith Bank's 2008 audited result released yesterday show that the bank now has shareholders' funds of N346.6 billion, a 198 per cent rise from N116.4 billion the previous year.
The bank is also making 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
The result, which was released on the floor of the Nigerian Stock Exchange (NSE) in Lagos, shows pre-tax profit of N56 billion, up from N25 billion the previous year. Gross Earnings rose to N208 billion, a 120 per cent increase from N94 billion recorded the previous year, indicating an increasing market share.
The result was commended by financial analysts and investors as "outstanding" as it shows the ability of Zenith Bank "to sustain its performance, raise the bar of competition and continuously meet the expectation of shareholders", a statement from the bank said.
Zenith Bank, which recently moved its financial year end from June to September, is known for its consistently strong financial performance over the years.
The performance over the years has earned Zenith Bank excellent ratings and recognitions from local and international agencies.
Agusto & Co., Nigeria's foremost rating agency, has for the ninth consecutive year rated Zenith Bank Triple A (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).
Zenith Bank was last month named "Best Global Bank in Africa" by the African Banker at an award ceremony held in Washington DC, United States.
Earlier, in August, the Bank was named the Best Bank in Nigeria by the influential Euromoney magazine.
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