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
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.
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.