Zenith Bank Grows Half Year Profit By 4.99%
Zenith Bank Plc has reported 4.99 per cent rise in its profit after tax (PAT) to N111.41 billion for the half year ended June
This was contained in the bank’s interim report for June 30, 2022, released on Tuesday to the investing public.
A look at the financial statement shows that the minimal growth recorded in the six months period on PAT was weighed upon by 69.95 per cent rise on the company’s income tax expense, from N10.94 per cent as at December 31, 2021 to N18.59 billion as a June 30, 2022.
The company’s profit before tax (PBT), though grew by 11.06 per cent to N130.01 billion was largerly impacted by 26.85 per cent rise in its operating expenses which rose to N123.78 billion from N97.58 billion in the review period.
Other expenses which also impacted on the company’s profit margins include personnel cost, which rose by 5.75 per cent to N39.74 billion and depreciation on the bank’s property and equipment, which increased by 3.81 per cent N13.42 billion.
The company’s net interest income after impairment loss on financial and non-financial instruments was up by 13.9 per cent to N159.62 billion, while its net interest income saw the highest growth of 15.51 per cent to N184.74 billion.
Zenith Bank’s earning per share rose to N3.55 from N3.38, representing a 5.03 per cent rise.
In a separate notice to the investing public, the bank disclosed that it would pay an interim dividend of N.30k per ordinary share of 50 kobo each.
However, total shareholders’ equity decline N1.27 trillion from N1.28 trillion as at December 31, 2021.
Meanwhile, customers’ deposit of N7.15 trillion as at June 30, 2021 pushed the company’s total liabilities to N8.84 trillion from N8.17 trillion in the six month under review.
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