Lucky Fiakpa
8 December 2008
Chairman of Zenith Bank Plc, Mr. Macaulay Pepple, formally presented the bank's annual report for the 15-month period ended September 30, 2008 to shareholders on Thursday at the 2008 Annual General Meeting held in Abuja.
Despite the bearish turn, which the Nigerian capital market had taken, the chairman said, Zenith Bank still ranked among top performers by all market indices.
"It is gratifying to note that even in the face of the heightening competition in the financial services sector, your bank and its subsidiaries have continued to surpass performance projections. Thus, the financial results of the group for the 15 months show significant appreciation in all parameters.
"The results are once again an eloquent testimony to the continued sound financial health of the group. We have no reason to relent in our expansion drive; rather, we have continued with increased zeal during the 15 months, leading to more subsidiaries and further spreading of our branches and franchise across the country and beyond," Pepple said.
With a market capitalisation of N613.7bn, the bank ranked as the company with the second highest value by the end of September.
Profit before tax was N48.94 billion, representing a 110 per cent increase over last year's figure of N23.29 billion. Gross earnings increased by 113 per cent over the figure of N89.19 billion for last year to hit N190.08 billion during the period under review.
Total assets plus contingents similarly increased by 102 per cent or N1.2 trillion to stand at N2.38 trillion during the period. Total deposits grew 104 per cent to N1.16 trillion, while shareholders' funds rose by 200 per cent to hit N338.48 billion.
Group gross earnings, which stood at N94.88 billion as at June 30, 2007, rose from N25.67 billion to N56.12 billion during the review period. Profit after tax for the group also rose by 177 per cent, up from N18.78 billion to N51.99 billion.
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