Company Results
Zenith Bank’s Profit After Tax in H1,2020 rises by 16.8% to N103.8 billion
Zenith’s gross earnings grew by 4.4 % from N332 billion in H1,2019 to N346 billion in H1,2020.
In a clear demonstration of its strong market share in Nigeria’s banking space, Zenith Bank Plc has posted a Profit After Tax (PAT) of N103.826 billion in its half year 2020 result, up from N88.882 billion recorded in H1 2019. This showed an increase of 16.8%.
This was announced by the financial institution in a statement sent to the Nigerian Stock Exchange on Thursday.
Despite the negative disruption of economic activities caused by the COVID-19 pandemic, the Tier-1 bank’s gross earnings grew by 4.4 % from N332 billion in H1,2019 to N346 billion in H1,2020
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The bank also recorded positive growth across key financial metrics as follows, Profit Before Tax (PBT) increased to N114.124 billion in H1,2020 as against N111.677 billion reported in H1 2019.
As a testament to its commitment to its shareholders, Zenith bank also announced a proposed interim dividend 30 kobo per ordinary share.
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About a week ago, Mr. Ebenezer Onyeagwu the Group Managing Director/Chief Executive of Zenith Bank, urged players in the non-oil export value-chain including exporters and financial institutions to play their part in the drive towards expanding the nation’s non-oil export base.
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Zenith Bank stock price recorded a significant gain in its share price after the release of this impressive H1,2020 result, gaining 1.47% to close at N17.20.
Zenith Bank also prints a dividend yield of 16.28%, with earnings per share presently standing at 7.12 and a market capitalization of over N540 billion.
Company Results
Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results
Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.
Company Results
Conoil posts 23% post-tax profit decline in 2020 FY results
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Companies
Ecobank Group Posts N630 billion Revenue in 2020
Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.
Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019.
In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment.
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Summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion.
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The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
