Zenith Bank records N22bn income, declares interim dividend

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Zenith Bank Plc has reported a growth of 24% in gross earnings for the half year ended June 30, 2015.

The audited half-year results released on the floor of the Nigerian Stock Exchange (NSE) showed that gross earnings rose from N184.4 billion in June 2014 to N229.08 billion. Similarly, the result showed net interest income rising by 14% from N98.6 billion in 2004 to N112.6 billion.

The group profit before tax increasing by 24% from N58 billion to N72 billion while profit after tax rose to N53 billion, up from N47 billion in 2014.

Customers confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7trillion in 2014.

Peter Amangbo led bank gross loans and advances grew by 10.4% without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8%, which is below industry average non-performing loan (NPL) ratio of 1.44%.

Based on the result, the board of directors of Zenith Bank Plc. recommended an interim dividend of 25 kobo per share, the first in the history of the bank.

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