Zenith Bank Gross Earnings Hits N208bn

By Joseph Inokotong

Zenith Bank Plc last week Wednesday announced gross earnings of N208.29bn for the financial year ended September 2008, a 120 per cent rise over the previous year's figure of N94.88bn.
Details of the bank's full year results announced in Lagos also showed that the bank remains a market leader with total assets plus contingents rising by 98 per cent to N2.512tn, up from N1.271tn a year ago.
Shareholders' funds also rose in tandem to N346.6bn, up by 198 per cent from N116.4bn the previous year.
The strong performance of the bank also reflected in increasing profitability, as profit before tax rose by 119 per cent to N56.118bn from N25.676bn, while profit after tax jumped 177 per cent to N51.99bn, up from N18.78bn in the previous year.
Impressed by the results, the bank announced a dividend payout of N28.5 billion, the highest ever by any bank in Nigeria, saying it was delivering on its promise to further enhance shareholders value.
This amounts to N1.70 per share compared with N1.10 per share last year.
Financial analysts and investors say the figures represent the ability of the bank to sustain its performance, raise the bar of competition and continuously meet the expectations of shareholders.
Zenith Bank recently moved its financial year end from June to September, and has earned a reputation for consistent strong financial performance over the years.
Excellent performances over the years have earned Zenith Bank an equally excellent ratings and recognition from local and international agencies.
Agusto & Co., Nigeria's foremost rating agency, has rated Zenith Bank Triple AAA for the ninth consecutive year, because “the bank is a financial institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due.'' Fitch Ratings currently rates Zenith Bank AA- (national).
Also, last August, Zenith Bank was named the “Best Bank in Nigeria” by the influential Euro-money magazine, and last month, the “Best Global Bank in Africa” by the African Banker at an award ceremony held in Washington DC, United States of America last month.