The much awaited 2016 second quarter financial statement of Zenith Bank Plc was released with a 25 kobo interim dividend for shareholders. The interim dividend is a repeat of what the directors paid to their investors same period in 2015.
Despite the corporate action, the half year performance shows that Zenith Bank top and bottom line was down. Highlights of the bank key indicators shows that gross earnings went down from N229,082 billion in 2015 to N214,812 billion in 2016 which is a drop of 6.23 percent.
Profit before tax was down by 12.35 percent from N72,201 billion in 2015 to N63,281 billion in 2016. Profit after tax also dropped by 15.68 percent to N44,843 billion in 2016 when compared to N53,180 billion that was declared same period in 2015. The bank current earnings per shares stood at N1.43 kobo against N1.69 kobo in 2015.
The in its first quarter announced a profit after tax of N26.573 billion for the period ended March 31, 2016, showing a decline of about four per cent compared to N27.680 billion recorded in the corresponding period of 2015.
Zenith Bank was incorporated in Nigeria under the Companies and Allied Matters Act as a private limited liability company on May 30, 1990. It was granted a banking licence in June 1990, to carry on the business of commercial banking and commenced business on June 16, 1990.
The bank was converted into a Public Limited Liability Company on May 20 2004 and its shares were listed on October 21, 2004 on the floor of the Nigerian Stock Exchange. In August 2015, the Bank was admitted into the premium Board of the Nigerian Stock Exchange.