Zenith Bank posts N103.8 billion half-year profit

Zenith Bank Plc has announced the sum of N103.8 billion Profit After Tax (PAT) in its audited results for the half-year ended June 30, 2020.

The bank also proposed an interim dividend of 30 kobo per share to be paid to shareholders whose names appear in the register of members as at the close of business on September 16, 2020.

According to the audited statement of account which was presented to the Nigerian Stock Exchange (NSE), September 3, 2020, the bank said its gross earnings grew by four per cent from N332 billion in 2019 to N346 billion, driven by six per cent growth (YoY) in non-interest income from N110 billion in half-year 2019 to N116 billion in half-year 2020.

The growth in gross income and the decline in interest expenses culminated in a two per cent growth year-on-year of Profit Before Tax which increased to N114 billion in half-year 2020 from N112 billion in half-year 2019. The bank said aarnings per share also increased by 17 percent to N3.30 in half-year 2020 from N2.83 in half-year 2019.

Earnings per share also increased by 17 per cent to N3.30 in first half 2020 from N2.83 in first half 2019.

The bank recorded growth in total deposits by 15 per cent from N4.3 trillion in December 2019 to N4.9 trillion at the close of half-year 2020. This growth in total deposits was driven by a 41 per cent increase in retail deposits from N1.1 trillion to close at N1.6 trillion.