Zenith Bank nets N56b

Zenith Bank Plc has recorded a profit before tax of N56.118 billion from operations in the financial year ending September 2008 representing an increase of 119 per cent, over the N25.676 billion recorded last year.
The full year result announced on the floor of the Nigerian Stock Exchange (NSE) showed profit after tax jumped by 177 per cent to N51.992 billion from N18.779 billion in the previous year.
The result, commended by analysts as showing the ability of Zenith Bank to continue to deliver good returns on investments also showed gross earnings of N208.29 billion up by a remarkable 120 per cent over the N94.88 billion recorded last year, reaffirming the wide acceptance enjoyed by the Zenith brand.
The results showed that the bank remains a market leader with total assets plus contingents jumping by 98 per cent to N2.512 trillion, up from N1.271 trillion and shareholders funds of N346.6 billion, a 198 per cent rise from N116.4 the previous year.
The bank is also delivering on its promise to further enhance shareholders value with a dividend payout of N28.5 billion, the highest ever by any bank in Nigeria. This amounts to N1.70K per share as against N1.10K per share last year.
Zenith Bank, which recently moved its financial year end from June to September, has earned a reputation for consistent strong financial performance over the years.
The impressive performance over the years has earned Zenith Bank excellent ratings and recognition from local and international agencies. Agusto & Co., Nigeria’s foremost rating agency, has for the ninth consecutive year, rated Zenith Bank Triple Aaa, saying that ‘the bank is a financial institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due,’ while Fitch Ratings currently rates Zenith Bank AA- (National).
Zenith Bank was last month named “Best Global Bank in Africa” by the African Banker at an award ceremony held in Washington DC . Earlier, in August, the Bank was named the Best Bank in Nigeria by the influential Euromoney magazine.