ZENITH BANK NETS N29BN IN FIRST QUARTER

Zenith Bank Plc has again confirmed its position as the toast of investors with a strong first quarter result showing a gross earning of N28.86 billion for the first period ending September 30, 2007.

Coming on the heels of the full year’s result that saw Zenith Bank emerging the first to cross the trillion naira mark in total assets, the first quarter result is sure to be well received by an eager market.

The bank, which has enjoyed high patronage on the floor of the Nigerian Stock Exchange (NSE) because of its consistently strong financial performance, also recorded a profit before tax of N10.33 billion, up from N6.41 billion last year.

According to details of the Group’s unaudited quarterly result sent to the NSE, profit after tax for the quarter amounted to N8.06 billion, showing a remarkable jump of 70 per cent over the N4.73 billion recorded for the corresponding period last year.

In its statement to the NSE, the board of directors expressed confidence that barring unforeseen circumstances, the bank remains on course to surpass the expectations of all stakeholders. Analysts yesterday praised the result, saying they were sure the bank’s stock represents good long term investment.

Zenith bank remains the biggest bank in Nigeria on total assets plus contingents of N1.2 trillion and the most capitalized quoted company with a total market capitalization of over N400 billion.

The bank at the end of its last financial year ending June 30, 2007 paid out a dividend of N9.26 billion representing one naira per share in addition to a four (4) for one (1) bonus issue.

(Posted 6th November, 2007)