ZENITH BANK POSTS N75 BILLION PROFIT IN NINE MONTHS

Zenith Bank Plc has announced a profit before tax of N75. 22 billion for the nine months ending September 2012 indicating an impressive 50 per cent jump over the N50.13 billion recorded for the same period last year. The bank’s unaudited results for the period, released on the floor of the Nigerian Stock Exchange (NSE) Monday also showed a remarkable 49 per cent jump in profit after tax from N42.95 billion last year to N64.06 billion.

In what underscores the widening acceptability of the Zenith brand, the nine month result also showed a 25% increase in gross earnings from N182.95 billion for last year to N229.16 billion. Overall, the result confirmed Zenith Bank’s liquidity profile with total assets topping N2.46 trillion, one of the highest in the banking industry.

Zenith Bank has a reputation for sound and robust liquidity risk management framework that ensures it maintains sufficient liquidity, including a cushion of unencumbered, high-quality liquid assets at all times. The result, hailed by stakeholders as it was announced, is consistent with the bank’s 22 year history during which it has been won accolades for excellent performance.

Only recently, Zenith Bank was adjudged the best commercial bank for Africa by Capital Finance International, a respected United Kingdom based special publication.

In selecting Zenith Bank for the award, the organizers said: “Good commercial banks are a cornerstone of any economy and we are delighted after much deliberation to announce Zenith Bank as the Best Commercial Bank Africa.

“WE were looking to identify a bank that worked to the benefit of all stakeholders. To our mind good banking is about finding and maintaining the right balance between all the stakeholders’ interests. Godwin Emefiele and his team have continued to build on these foundations,” the group said.

“It is the bank’s commitment to all of its stakeholders that shines through, enabling the bank to provide the highest level of services,” it added.