Shareholders smile as Zenith posts impressive half year report

Bank declares half year profit of N75.32 billion

By Nsikan Ikpe

It is cheering time for shareholders of Zenith International Bank Plc as their bank declared a profit after tax of N75.32 billion for the half year ended June 30.

Details of this impressive performance is contained in the company’s half year result released by the Nigerian Stock Exchange (NSE) on Thursday.

The report showed that the profit-after-tax increased by 112.35 per cent when compared with N35.47 billion posted in the preceding period of 2016 while profit-before-tax rose to N92.18 billion, compared with N53.91 billion in 2016.

The bank also recorded gross earnings of N380.4 billion against N214.8 billion achieved in the comparative period of 2016, indicating a growth of 77 per cent.

Net interest income stood at N138.962 billion, as against N127 billion in 2016, while impairment charges increased by 196 per cent from N14.2 billion to N42 billion.

The bank’s trading income, realised from foreign exchange, jumped from negative N864 million to positive N65.318 billion; other operating income soared from N3.57 billion to N15.11 billion in 2017.

Flowing from this, the bank has announced an interim dividend of N7.8 billion, which translates to 25k per share, and which is equally the same amount paid in the corresponding period of 2016.

It will be recalled that Mr. Jim Ovia, the bank’s Chairman, had told shareholders at their AGM in March that the bank would continue to reward them accordingly.

Mr. Ovia said that  in line with its commitment to delivering superior returns to its shareholders, the bank has therefore ensured now that a good chunk of the profit was set aside for shareholders.

He stated that the bank had maintained a culture of outstanding performance and industry leadership even in the face of a very challenging operating environment.

“As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” he affirmed.

Mr. Jim Ovia, Chairman, Zenith Bank International Plc