Business Zenith Bank records half year profit

Zenith Bank Plc has declared a Profit Before Tax (PBT) of #54.1 billion for the first half of the year ended June 30, 2013. This represents an upward movement from the #50.2 billion it posted in the corresponding period of 2012. According to the Nigerian Stock Exchange (NSE), the bank also experienced a rise in profit after tax from #42.41 billion to #45.419 billion. Gross earnings rose to #171 billion from #151 billion, thus indicating a 13 per cent increase from records in the same period of 2012.

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.

Market operators who spoke with news men said the performance showed the positive trend the bank has been recording over the years, saying investors should expect another bountiful harvest in the current financial year.

It will be recalled that during the annual general meeting for the 2012 financial year in Lagos, the Managing Director of Zenith Bank, Mr. Godwin Emefiele, had told shareholders that the management would continue to work harder to ensure they put expenses under control for the general interest of our shareholders and the bank.

The Chairman of the bank, Mr. Steve Omojafor, in a bid to secure the trust of shareholders, had assured shareholders that amid the face of a very challenging operating environment, Zenith Bank would maintain its culture of outstanding performance and industry leadership. He said “As a bank, we are monitoring developments both in the local and global economy and adapting our strategies as appropriate. He added “Our growth over the years has been organically and intrinsically linked with the growth of our people who are a veritable source of competitive advantage.
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