Nigeria’s Tier 1 lender Zenith Bank Plc has released its financial results for the half-year (H1) to June 30, 2020. Gross earnings of the Group increased by 4.4percent and profit before tax increased by 2.2percent.

Highlights of the Group’s operating results for the period under review show gross earnings of N346.088billion from H1’19 level of N331.586billion.

Profit before tax (PBT) increased to N114.124 billion from H1’19 level of N111.677billion while
Profit after tax increased to N103.826billion in H1’20 from N88.882billion in H1’19.

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Board of directors of the bank proposed an interim dividend of N9.4 billion being 30kobo per share (2019: Interim dividend of 30kobo per share) from the retained earnings account as at 30 June, 2020.

At the close of stock trading session on Thursday September 3, Zenith Bank’s share price moved up from day open low of N16.95 to N17.2, up by 25kobo or 1.47percent.

The interim dividend will be presented for ratification by the shareholders at the next Annual General Meeting. Payment of dividends is subject to withholding tax at a rate of 10percent in the hands of qualified recipient.

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By Iheanyi Nwachukwu • September 4, 2020

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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