Daily Independent (Lagos)
12 November 2008
Zenith Bank Plc has announced gross earnings of N208.29 billion for the financial year ending September 2008.
The result is up by a remarkable 120 per cent over the N94.88 billion recorded last year, reaffirming the bank's leadership position in the industry.
The bank's full year results announced in Lagos on Wednesday showed Zenith 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 of N346.6 billion, a 198 per cent rise from N116.4 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 billion from N18.779 billion in the previous year.
Equally impressive, is the 198 per cent growth in shareholders funds, up from N116.454 billion to N346.617 billion.
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
The result was commended by financial analysts and investors, who said that it shows the ability of Zenith Bank to sustain its performance, raise the bar of competition and continuously meet the expectation of shareholders.
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 impressive 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).
Zenith Bank was last month named "Best Global Bank in Africa" by the African Banker at an award ceremony held in Washington DC. Earlier, in August, the Bank was named the Best Bank in Nigeria by the influential Euromoney magazine.
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