Zenith Bank Declares N54bn Half-year Profit
Mr. Godwin Emefiele, MD, Zenith Bank
Zenith Bank Plc has announced a profit before tax of N54.1 billion for the half year-ended June 30, 2013, indicating a growth of eight per cent above the N50.2billion recorded in the corresponding period of 2012.
According to the results made available by the Nigerian Stock Exchange (NSE) Thursday, profit after tax (PAT) grew by the same margin. PAT rose from N42.41 billion to N45.419 billion.
The bank had ended the period with a growth of 13 per cent in gross earnings from N151 billion to N171 billion. Interest income grew by 16 per cent from N111 billion to N128 billion, while net interest income appreciated by 15 per cent from N79.9 billion to N91.35 billion.
However, a higher tax of N8.664 billion paid during the review period compared with N7.752 billion last year reduced the profit growth to eight per cent.
But customers’ deposits grew by 18 per cent from N1.701 trillion to N2 trillion, indicating customers’ confidence in the bank. Also, cost to income ratio reduced from 57.2 per cent to 53.3 per cent.
Earnings per share followed the same positive trajectory, rising by 11 per cent from 134 kobo to 144 kobo.
Speaking on the bank’s outlook for 2013, the Managing Director/Chief Executive Officer of Zenith Bank, Mr. Godwin Emefiele, had said the drive for low cost and appropriately mixed deposit base to fund credit and money market transactions would continue.
“We are committed to be a dominant player in the money market space to drive up income and profitability going forward,” he said.
He added the representative office of the bank opened in Beijing, China, would fetch Zenith Bank some significant contributions considering the various emerging business opportunities in China.
On customer service, Emefiele said the bank would continue to focus on strengthening its relationship management in a bid to surpass stakeholders’ expectations.
Meanwhile, the stock market managed a marginal growth of 0.021 per cent as the bulls attempted to return after three consecutive days of dominance by the bears.
The Nigerian Stock Exchange (NSE) All-Share Index rose from 37,103.67 to close higher at 37,111.64.
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