Zenith Bank adopts half-year financial reporting policy

zenith bankZenith Bank may have adopted a new financial reporting policy, with the bank set to publish for the first time its audited half year result in the coming days.

According to sources at the Nigerian Stock Exchange, the bank will henceforth publish audited half-year results. The source confirmed that the bank’s Board of Directors, which met last week, has already approved the audited half-year result which will be forwarded to the Central Bank of Nigeria (CBN) for approval.

It was gathered that market analysts have welcomed the development and praised the decision of the board. Over the years, Zenith Bank has consistently posted superior performance results. Gross earnings was N403.4 billion for the financial year 2014, profit before tax was N119.80 billion while profit after tax stood at N99.46 billion making it the most profitable bank in the country.

According to a statement, “the bank’s total asset was N3.76 trillion, with total shareholders’ funds of N552.64 billion which ranks the bank as the largest in Nigeria and the sixth largest in Africa by shareholders funds. The bank paid dividend of N1.65 per share for the financial year 2014.”

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