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Zenith Bank posts N30.666b half year profit

By on July 19, 2011

Nigerian Stock Exchange (NSE) on Monday released financial results of some quoted companies in Nigeria which included that of Zenith Bank’s unaudited half year result ended June 30, 2011 just as the management explained why tradings on the floor of the Exchange were delayed for about two hours on Monday.

In a statement signed by Wole Tokede, Head Communications of the Exchange, there were delays as a result of problems encountered by one of the storage facilities of the Exchange.

He said the Exchange engineers were able to solve the problem as they switched over to redundant storage system, validated its stability and restored the market at 11.30 a.m.

Zenith in its result recorded a turnover of N122.839 billion from N96.850 billion recorded in the corresponding period of 2010; profit before tax rose to N35.046 billion from N25.336 billion; while profit after tax rose from N21.305 billion to N30.666 billion.

In the balance sheet information, the bank’s fixed assets for the same period  rose to N70.108 billion from N67.145 billion; treasury bills rose by N61 billion to N359.788 billion from N298.869 billion; while loans and advances rose from N713.285 billion to N793.874 billion.

Cash and bank balances dropped to N127.013 billion from N141.724 billion; other debit balances rose to N1.497 trillion from N1.387 trillion; deposits closed at N1.445 trillion from N1.318 trillion; other credit balances rose to N240.806 billion from N213.394 billion; while net assets recorded a marginal increase from N363.561 billion to N367.754 billion.

Meanwhile, NSE indicators closed lower on Monday, after a rebound at the close of trading on Friday, when equities’ capitalization closed at N7.581 trillion after dropping N38.445 billion; while the All-Share Index went down by 120.24 basis points or 0.50 per cent to close at 23,711.90 basis points.

A total of 230.922 million shares; valued at N1.954 billion were traded in 4,218 deals with the banking sub-sector accounting for a total of 197.055 million shares; valued at N1.419 billion in 2,694 deals.

Capital Hotel led 18 others on the gainers’ table when it added 28 kobo to close at N5.93 28 kobo to close at N5.93 per share; followed by Vita Foam Nigeria with a gain of 14 kobo to close at N5.99 per share; First City Monument Bank added 12 kobo to close at N6.27 per share; Prestige Assurance Company gained 9 kobo to close at N1.92Assurance Company gained 9 kobo to close at N1.92 share; while Ecobank Nigeria and Red Star Express appreciated by 8 kobo each  to close at N2.80 and N2.86 per share respectively.

Daily Independent

One Comment

  1. Westhjohn

    September 17, 2011 at 4:51 pm

    this is 666 bank