Zenith Bank plc is reporting 107% rise in profit to NGN37.8 billion for the second quarter 2017 compared to NGN18.2 billion recorded in the same period in the financial year 2016.
The bank recorded increased interest income of NGN144.1 billion in contrast to NGN97.2 billion posted in the previous year while net interest income was NGN68.3 billion against NGN68.8 billion in the year before.
Impairment loss on financial assets for the period in review was NGN34.5 billion compared to NGN11.6 billion loss in the year before. Meanwhile, gross earnings for the period was NGN232.7 billion against NGN115.3 billion in the year 2016.
Zenith bank plc said it acquired NGN4.9 trillion worth of assets in q2 2017 compared to NGN4.7 trillion acquired in the previous year while total liabilities was NGN4.2 trillion versus NGN4.0 trillion in 2016.
Zenith Bank Plc was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith Bank Plc currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE).
Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc.