Zenith Bank Profit After Tax Declines

Zenith Bank Plc has recorded a profit after tax of N16.39 billion at the end of its fourth quarter result, ended September 30, 2009.
The figure showed a drop of N18.62 billion or 53.18 per cent when compared with N35.01 billion recorded in the comparative period of 2008.
The bank's gross earnings on the other hand, rose substantially by 19.42 per cent to N166.63 billion within the period under review.
The bank attributed the decline in its profit after tax to loan loss provisions which stood at N 26.14 billion.
It would be recalled that the bank recorded an impressive growth in its third quarter result ended June 30, 2009, as its gross earnings stood at N166.606 billion against N126.499 billion recorded in the corresponding period of 2008.
Analysis of the bank's unaudited third quarter report showed that profit after tax and exceptional items stood at N10.6196 billion, compared with profit after tax of N24.7574 billion posted in 2008. The bank explained that the exceptional items of N18.54531 billion represents provision for the Group's capital market exposure and other related activities due to the global economic condition.
Meanwhile, the bank declared profit after tax (PAT) of N52 billion for its 15 months financial year, ended September 30, 2008.
The bank's PAT for 15 months period grew by N33.2 billion or 176.6 per cent, compared with N18.8 billion recorded during the 12 month ended June 2007.
Gross earnings of the bank also surged substantially from N94.9 billion at the end of 12 months in June 2007 to N 208.3 billion at the end of 15 months, representing a growth of N113.4 billion or 119.5 per cent. The bank paid dividend of N1.70k per every share held by investors.