Zenith Bank Plc has declared a Profit Before Tax (PBT) of N54.1bn for the half year ended June 30, 2013, an improvement on the N50.2bn it posted this time last year.
Similarly, the bank’s profit after tax improved from N42.41bn this time in 2012 to N45.419bn.
According to a report presented to the Nigerian Stock Exchange (NSE), Zenith Bank’s gross earnings were N171bn, up by 13 per cent above the N151bn recorded in the same period in 2012. Interest income grew from N111bn to N128bn, representing an increment of 16 per cent while net interest income appreciated by 15 per cent from N79.9bn to N91.35bn.
Other rises were earnings per share, which went up from 134 kobo to 144 kobo, representing 11 per cent gain; customer deposits, which went up by 18 per cent from N1.701trn to N2trn. In another positive, cost-to-income ratio reduced from 57.2 per cent to 53.3 per cent.
In 2012, Managing Director of Zenith Bank, Mr. Godwin Emefiele had promised shareholders during the annual general meeting for that financial year that management would suppress expenses for the general interest of both shareholders and bank.
Chairman of the bank, Mr. Steve Omojafor assured shareholders that Zenith would continue with its tradition of excellence despite the challenging operating environment.
“As a bank, we are monitoring developments both in the local and global economy and adapting our strategies as appropriate,” he said.
“Zenith Bank began 2013 with confidence and remained committed to its primary goals and to drive shareholders value. 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.”
