Zenith Bank pre-tax profits rise to N117.05bn in H1 2021

Zenith Bank Plc has posted a profit before tax (PBT) of N117.05 billion for the half year (H1) ended June 30, 2021, according to an interim financial report posted on the website of the Nigerian Exchange (NGX) Ltd. in Lagos.

The report signed by the Company Secretary, Micheal Otu, showed that the amount is 2.6% higher year-on-year to the N114.12 billion achieved in H1 2020.

Also, profit after tax (PAT) grew 2.2% to N106.11 billion from N103.82 billion year-on-year in the review period due to 6% increases in income tax expense from N10.29 billion in 2020 to N10.94 billion, which contributed to its overall profitability in the period under review.

As a result, earnings per share rose 2.4% to N3.38 in H1 2021 against N3.30 in H1 2020, while the Board of Directors proposed an interim dividend of N0.30/share the same as the corresponding period last year.

This performance is said to be primarily driven by the growth in non-interest income, supported by moderate improvement in funded income, reflecting the new post-pandemic realities.

However, the Group’s gross earnings fell marginally to N345.55 billion in H1 2021 compared to N346.08 billion reported a year ago, while operating expenses grew by 10.3% to N149.85 billion, and personnel expenses fell 3.3% year-on-year to N37.58 billion.

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