Zenith Bank to pay N7.85b interim dividends

Zenith Bank opened another phase of its history yesterday with the declaration of its first-ever interim dividend. Shareholders would share about N7.85 billion as interim dividend, representing a dividend per share of 25 kobo, according to dividend recommendation released by the board of the bank.
The first-ever interim dividend underlined considerable improvements in the earnings of the bank in the first half. Zenith Bank recently adopted a new financial reporting policy of publishing audited half-yearly results.
The six-month audited report and accounts for the period ended June 30, 2015 showed that gross earnings rose by 24 per cent from N184.4 billion in June 2014 to N229.08 billion in 2015. Net interest income grew by 14 per cent from N98.6 billion in 2004 to N112.6 billion for the period ended June 30, 2015.

Read also: NSE LIVE! Zenith Bank under pressure as equities lose N208b

Group profit before tax increased by 24 per cent from N58 billion to N72 billion while profit after tax rose to N53 billion as against N47 billion in 2014. Customers’ confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7trillion in 2014. Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent, which is below industry average non-performing loan (npl) ratio of 1.44 percent.

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