ZENITH REMAINS BIGGEST BANK IN NIGERIA

• Total Assets Exceeds N1.2 trillion
• Declares 1 for 4 Bonus

Zenith Bank has reaffirmed its leadership position in the banking industry with its 2006/7 audited result showing a total assets plus contingents of N1.2 trillion, the largest in the industry. This represents an impressive 67 per cent growth from the N759.97 reported in the last financial year.

The bank is also creating more value for its shareholders with a one for four bonus issue and a hefty dividend payout of N9.26 billion, which surpasses the N6.6 billion paid out in the previous year by almost 40 per cent.
The much expected results which were released on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday show pre-tax profit of N26 billion, the largest so far by any bank, up from N15.15 billion the previous year by 41 per cent, while gross earnings rose to N94.88 billion, a 58.1 per cent increase from the N60.00 billion recorded the previous year, indicating an increasing dominance in its market share. Equally, profit after tax show a 63.5 per cent increase from N11.48 billion recorded the previous year to N18.77 billion in the year under review.

The financial year just ended has been an exceptionally good one for Zenith bank with renewed interest in its stock on the floor of the Nigerian Stock Exchange (NSE) driven by a string of good quarterly results, boosting its share price to an all time high of N65. The bank thus remains the most capitalized company on the Exchange, with market capitalisation of N612.82 billion as at June 2007.
The result was hailed by financial analysts and investors as an outstanding result, as it shows the ability of Zenith Bank to sustain its performance, raise the bar of competition and continually meet the expectations of shareholders.

An outstanding result of this magnitude is a clear testimony to the ability of the Zenith Brand to sustain its place as the foremost bank in the country.
Zenith Bank has one of the best assets qualities in the banking industry as evident in the low ratio of non performing loans to total loans of 1.79 per cent as at June 2007

Zenith Bank was in January 2007 adjudged the most customer-focused bank in Nigeria from a survey conducted by foremost consulting firm, KPMG. The survey, which focused on corporate customers of banks, including companies in a variety of sectors, found that they were most satisfied with the services rendered by Zenith Bank. In 2005, Zenith was named ‘The Most Respected Bank in Nigeria’ from a survey conducted by PriceWaterHouseCoopers. That year also, Zenith Bank won the ‘Bank of the Year’ award from The Banker magazine, a publication of the Financial Times of London.

(Posted 2nd August, 2007)