Shareholders of Zenith Bank Plc have reasons to smile as the bank announced an interim dividend of N9. 4 billion for the half year ended June 30, 2018.
The dividend, which translates to 30 kobo per share , was declared following a profit after tax ( PAT ) of N81. 737 billion reported for the period.
The audited half year results of Zenith Bank released to the investing public on the Nigerian Stock Exchange ( NSE ) yesterday showed that the bank’ s profit after tax grew by 8. 5 per cent to N81. 737 billion from N 75. 317 billion achieved in half year 2017 , while earnings per share stood at N 2. 60 from N2. 40.
However , the bank recorded gross earnings of N322 . 201 billion , down by 15. 3 per cent from N380 . 201 billion posted in the corresponding period of 2017 . Net interest income stood at N228 . 670 billion , as against N 262. 257 billion in 2017. Interest expense decreased by 39. 4 per cent from N123 . 295 billion to N 74. 709 billion .
Cash and cash equivalents declined by 11 . 9 per cent to N843 . 674 billion as against N 957. 663 billion in full year 2017, loans and advances was down by 10. 9 per cent to N2. 314 trillion compared to N 2. 596 trillion, while deposits were down by 7 . 9 per cent to N 3. 166 trillion from N 3. 438 trillion in full year 2017
Total assets stood at N 5. 256 trillion lower than N5 . 595 trillion achieved in 2017 , while total liabilities went down to N4. 537 trillion as against N 4. 774 trillion in full year 2017 .
Recently, speaking at the bank ’s Annual General Meeting, the group managing director , Mr. Peter Amangbo , said the management of the bank had made progress in its vision to entrench sustainability in its operations .
He noted that as technology has become the focus of financial service delivery , the bank would continue to offer outstanding financial solutions that would be “ anchored on a superb combination of technology and human touch for easy, fast and secure banking . ”
On the outlook for the 2018 financial year , he said , “ The succeeding year will be challenging from the perspective of competition, which traditionally evokes the best in us . ”
“The year will come with its challenges and opportunities considering the highly competitive nature of the Nigerian market, the dynamics of contemporary service provision and variable customer expectations. ”
As a strategy towards mitigating the impact of the challenging environment , the Zenith Bank GMD said the management of the bank would increase the quality of its engagement and be more proactive by anticipating fluctuations in the economy and markets .
©Leadership
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