Home Business Zenith Bank H1 Profit Rises By 112%

Zenith Bank H1 Profit Rises By 112%

  • To Pay N7.85bn As Interim Dividend

By Nse Anthony-Uko

(Sundiata Finance) — Zenith International Bank Plc has continued to record strong performance despite the various Tchallenges it has to deal with. the lender declared a profit of N75.317 billion compared with N35.467 billion recorded in the first half of last year, representing growth of about 112.4 per cent.

In its 2017 half-year earnings report released by the Nigerian Stock Exchange (NSE) on Thursday, the bank also announced an interim dividend of 25 kobo per share, totaling N7.85 billion.

According to the bank, the dividend would be paid only to shareholders whose names appear in the Register of Members as at the close of business on August 18, 2017.

In the same vein, the financial institution said its gross earning appreciated by 77 per cent, growing from N214.812 billion as at June 30, 2016, to N380.440 billion on June 30, 2017.

Also, trading income, which recorded a N864 million loss last year, appreciated to N65.318 billion this year, while other operating income closed at N15.112 billion in the first six months of 2017 against N3.567 billion 12 months ago.

In the financial statements, Zenith Bank said its profit before tax stood at N92.183 billion as at June 30, 2017, in contrast to N53.905 billion in the corresponding period of 2016.

Similarly, its net interest income finished at N138.962 billion in the period under review against N127.023 billion last year.

An analysis of other parameters showed that the amortisation of intangible assets stood at negative N756 million versus negative N696 million, while the operating expenses closed at N80.068 billion loss against N52.477 billion decline in 2016.

Also, the net interest income after impairment loss on financial assets closed at N96.564 billion compared with N112.791 billion 12 months ago.

In the period under review, Zenith Bank grew its asset to N4.9 trillion from N4.7 trillion it stood at December 31, 2016.

Customers’ deposits, according to the financial results, closed at N2.97 trillion compared with N2.98 trillion as at December 31, 2016.

“The bank’s register of shareholders will be closed on August 21, 2017 to enable our Registrars prepare for the payment of interim dividend,” the statement signed Mr Michael Osilama Out, the company’s scribed stressed.

Zenith Bank further said dividend warrants will be posted on August 25, 2017 to shareholders whose names appear in the Register of Members as at the close of business on August 18, 2017 while shareholders who have mandated their dividend to their bank accounts will be credited on same date.

However, the bank disclosed that some dividend warrants and share certificates have remained unclaimed or are yet to be presented for payment or returned for revalidation.

“Affected shareholders are advised to contact the Registrars, Veritas Registrars Limited, Plot 89A, Ajose Adeogun Street, Victoria Island, Lagos State,” Zenith Bank advised.

The lender further urged shareholders “to update their records and/or open bank accounts, stockbroking accounts and CSCS accounts for the purpose of dividend payments and e-bonus,” adding that Application forms for change of address and e-dividend are available on the bank’s website http://www.zenithbank.com or the Registrar’s          website, http://www.veritasregistrars.com.”

It further disclosed that duly completed forms should be returned to Veritas Registrars Limited or to the nearest Zenith Bank Plc branch.



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