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Zenith News
ZENITH CHANGES FINANCIAL YEAR END TO SEPTEMBER 30
Zenith Bank Plc has officially announced a change in its financial year end from June 30 to September 30 effective from 2008.
It was gathered that the bank, which hitherto had operated a July to June financial year took the decision in order to enhance shareholder value.
With an impressive twelve month unaudited result released last week showing pre tax profit of N50.28 billion it is expected that the full result for the period ending September 30, 2008 would be even more impressive.
There are strong indications that shareholders of the bank may receive as much as N1.60 dividend per share, which is 52 per cent higher than the N1.05 per share contained in the bank’s last offer document.
That expectation is supported by the 67 per cent increase in Gross Earnings from N94.88 billion in 2007 to N158.29 billion, a 96 per cent increase in profit before tax from N25.67 billion to N50.28 billion and a 119 per cent jump in profit after tax from N18.77 billion to N41.04 billion.
Analysts and investors, who were quick to hail the 12-month result, had noted that the outstanding result would further endear the Zenith stock to shareholders who have reaped excellent returns on their investment, especially since the bank went public in 2004.
(Posted 20th August, 2008) |