Business and Economy

Zenith Bank Releases Half-Year Audited Result

Zenith Bank has released its audited half-year result for the period ending June 30, 2015, with the results showing gross earnings rising by 24 percent from N184.4 billion in June 2014 to N229.08 billion.

The results released on the floors of the Nigerian Stock Exchange on Thursday, also showed net interest income rising by 14 percent from N98.6 billion in 2004 to N112.6 billion for the period ending June 30, 2015. Zenith bank, the biggest in Nigeria by Tier-1 capital, recently adopted a new financial reporting policy of publishing audited half-yearly results, a development hailed by market analysts as representing a major boost for the financial brand.

The results also showed the group’s profit before tax increasing by 24 per cent 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.

Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent,

which is below industry average non-performing loan (npl) ratio of 1.44 percent.

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. The qualifying date for the dividend is August 21, 2015 while the register will close on August 24, 2015 to enable the Bank’s registrar prepare for payment of the interim dividend.

The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

The cardinal values of excellent customer service, highly professional and competent workforce, as well as the optimal use of technology continue to be the driving forces behind the outstanding performance.

The continued focus on customer service and deployment of innovative products has led to growth in market share. The bank only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO 22301, 27001 and 20000 standards. The three standards, which require the bank to subscribe to internationally accepted principles/standards, according to the bank will deepen customer experience through greater information security and IT management system that emphasize the protection of the customers and their investments in an increasingly unpredictable business environment.

Leave a Reply