ZENITH CHANGES FINANCIAL YEAR END TO SEPTEMBER 30

• EXPECTED TO PAY N1.70 DIVIDEND

In its bid to further enhance shareholder value, Zenith Bank Plc has officially announced a change in its financial year end from June 30 to September 30 effective from 2008.

The bank, which hitherto operated a July to June financial year, recently released its twelve month result showing remarkable improvements on all parameters.

The result showed a 67 per cent increase in Gross Earnings from N94.88 billion in 2007 to N158.29 billion as at June 30, 2008. Pre tax profit for the period rose by 96 per cent from N25.67 billion to N50.28 billion and profit after tax hit N41.04 billion, representing a jump of 119 per cent from N18.77 billion the previous year.

With the impressive twelve month unaudited result, it is expected that the 15 months audited result for the period ending September 30, 2008 would be even more impressive and there are strong indications that the bank could pay a dividend of as much as N1.70 per share.

Analysts and investors, who were quick to hail the 12-month result, noted that the outstanding result would further endear the Zenith stock to shareholders who have reaped excellent returns on their investment since the bank went public in 2004. Since then, shareholders of the bank have received a return of over 322% (including capital gains, dividend payouts and bonuses) making the Zenith stock the most coveted on the Nigerian Stock Exchange (NSE).

Driven by Zenith’s Bank’s strict adherence to good corporate governance, world class accounting and reporting standards as well as strong business reputation, Zenith Bank has delivered on promises and maintains the lead in key areas.

Boosted by the impressive growth pattern and performance over the years, Zenith Bank has earned excellent ratings from local and international agencies. Standard and Poor’s currently rates the bank BB-, which is the highest ever assigned to any Nigerian bank. Also, Fitch Ratings currently rates Zenith Bank AA- (National) while 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’’.

Only a few weeks ago, Zenith Bank was named ‘Best Bank in Nigeria’ for 2008 by Euromoney. The bank had earlier in the year won two major awards, ‘Bank of the Year’ and ‘Corporate Citizen of the Year’ at the 2008 This Day Award for Excellence. This is in addition to the ‘CEO of the Year,’ award won by its Managing Director for his sterling achievement in banking.  

(Posted 25th August, 2008)