ZENITH BANK SHAREHOLDERS FUNDS HIT N346 BILLION

• Pays dividend of N28.5 billion, highest ever by any bank

Zenith Bank has reaffirmed its leadership position in the banking industry with its 2008 audited result showing shareholders funds of N346.6 billion, a 198 per cent rise from N116.4 recorded in 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.

The much expected result, which was released on the floor of the Nigerian Stock Exchange (NSE) in Lagos recently showed pre-tax profit of N56.1 billion, up from N25 billion the previous year, indicating an increase of 119 per cent while profit after tax rose by an even more impressive 177 per cent to N51.9 billion, up from N18.7 billion.

Gross Earnings rose to N208.2 billion, a 120 per cent increase from N94.8 billion recorded the previous year, indicating an increasing dominance in Zenith Bank’s market share.

The result was commended 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 continuously meet the expectation of shareholders.

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 ‘’…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.

(Posted 14th November, 2008)