Nigeria: Zenith Bank's Net Profit Grows to N88 Billion

20 August 2019

Lagos — Zenith Bank Plc has posted a profit after tax of N88.882 billion for the second quarter ended June 30, 2019.

Consequently, the management of the bank proposed an interim dividend of N9.419 billion, representing 30 kobo per share.

According to its consolidated and separate interim financial statements filed with the Nigerian Stock Exchange (NSE), yesterday, profit after tax for the period grew by from N81.737 billion to N88.882 billion.

Pre-tax profit for the second quarter of the year grew by 4.02 per cent to N111.677 billion compared to N107.358 billion in the same period for last year, while earnings per share rose to N2.83 from N2.60 in 2018.

The gross earnings stood at N331.586 billion from N322.201 billion while net interest income went down to N142.515 billion as against N153.961 billion achieved as at June 30, 2018.

Loans and advances declined slightly by 2.1 per cent to N1.802 trillion from N1.823 trillion in 2018, while customers' deposit for the period stood at N3.810 trillion higher than N3.690 trillion recorded as at December 2018. The total assets of the bank as at June 2019 stood at N5.899 trillion lower than N5.956 trillion in December 2018.

The chairman of the bank, Mr. Jim Ovia, recently said that despite the challenging operating environment, the bank was able to achieve improved performance in its financial results.

As technology becomes the focus of financial service delivery, he said that the bank would continue to offer outstanding financial solutions that would be "anchored on a superb combination of technology and human touch for easy, fast and secure banking."

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