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Zenith Bank records N103.8bn profit after tax in HI’ 2020

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Zenith Bank ranked number 1 bank in Nigeria by Tier-1 CapitalZenith Bank Plc has announced its audited results for the half-year ended June 30 2020, with profit after tax (PAT) of N103.8 billion.

Subsequently, the bank has proposed an interim dividend of 30k per share to be paid to shareholders whose names appear in the register of members as at the close of business on the 16th day of September 2020.

This is a clear demonstration of the bank’s resilience given the challenging operating environment occasioned by the novel coronavirus (COVID-19) pandemic.

According to the audited statement of account which was presented to the Nigerian Stock Exchange, NSE, yesterday, gross earnings grew by 4 percent from N332 billion in 2019 to N346 billion, driven by 6 percent growth (YoY) in non-interest income from N110 billion in H1 2019 to N116 billion in H1 2020.

The growth in gross income and the decline in interest expenses culminated in a 2% growth year-on-year of profit before tax which increased to N114 billion in H1 2020 from N112 billion in H1 2019.

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Earnings per share also increased by 17% to N3.30 in H1 2020 from N2.83 in H1 2019.

The Group recorded growth in total deposits by 15 percent  from N4.3 trillion in December 2019 to N4.9 trillion at the close of H1 2020.

This growth in total deposits was driven by a 41% increase in retail deposits from N1.1 trillion to close at N1.6 trillion.

Vanguard

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