Zenith Bank’s H1 Revenue Down By 6.2%

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Zenith Bank PLC, Nigeria second largest bank with an asset base of USD14.147 billion said in its interim report that its gross revenue fell by 6.2% in the first half of this year.

The bank’s headline revenue for 2015 half year was NGN229 billion,the slowdown in the economy, revaluation of the Naira has further pushed down its revenue to 214,8 billion for the first half of the year.

Zenith Bank also disclosed that it refunded NGN845,3 million back to customers after complaints of various degrees were resolved. The bank has improved on this compared to its 2015 half year refund totalling NGN2,7 billion. However, the bank has at least NGN12 billion disputed funds resulting from unresolved complaints.

Zenith Bank’s Board of Directors proposed an interim dividend of N0.25 kobo per share (30 June 2015: N0.25 kobo per share) from the retained earnings account as at 30 June 2016. The decision will be presented for ratification by shareholders at the bank’s next Annual General Meeting.

Zenith Bank’s asset at the end of the first half of the year is NGN3.8 trillion compared to its net liabilities which stood at NGN3,3 trillion.


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