Zenith Bank sustains growth as first quarter profits rise by 25.55 percent
Nigeria’s major financial services giant, Zenith Bank Plc on Thursday released its first quarter ended March 31, 2018, financial results, which showed a significant growth of 25.55 percent in profits. The bank joined Guaranty Trust Bank Plc among the tier one banks who have released their results for the period.
Accordingly, investors hailed the results, stating that they were not expecting anything short of impressive results from the bank.
Details of the result shows that the bank profit moved from ₦37,499 billion in 2017 to ₦47,079 billion in 2018. Profit before tax went up by 22.17 percent, from N44,200 billion in 2017 to ₦54,001 billion in 2018.
The bank also grew its gross earnings by 14.52 percent from ₦147,736 billion in 2017 to ₦169,192 billion in 2018. Earnings per share for the period under consideration stood at 1.50 kobo which is above 1.19 kobo that was recorded in 2017. The bank share price closed at ₦27 on Thursday.