The Nation Newspaper

Tag: Zenith Bank

  • Zenith Bank records mixed performance in Q3

    Zenith Bank Plc recorded mixed performance in the third quarter as a considerable profit growth contrasted with similar decline in the top-line.

    Key extracts of the interim report and accounts of Zenith Bank for the period ended September 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings declined by 10.64 per cent while profit after tax grew by 11.6 per cent.

    Zenith Bank’s share price rose marginally by 10 kobo to close at N22.55 per share yesterday at the NSE. Many analysts commended the results, despite the decline in top-line earnings.

    The nine-month report showed that gross earnings declined to N474.61 billion in third quarter 2018 compared with N531.27 billion in third quarter 2017. Profit before tax meanwhile increased by 9.7 per cent from N152.55 billion to N167.31 billion. Profit after tax also improved from N129.24 billion in third quarter 2017 to N144.18 billion in third quarter 2018. Earnings per share followed the net profit growth, rising from N4.11 in third quarter 2017 to N4.58 in third quarter 2018.

    Zenith Bank had distributed N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018.  The breakdown of the interim dividend indicated a dividend per share of 30 kobo, 20 per cent above 25 kobo paid as interim dividend for the first half of 2017. The bank had distributed N7.5 billion as interim dividend for the first half of 2017.

    Zenith Bank had distributed N84.8 billion to shareholders as cash dividend for the 2017 business year, representing 33.7 per cent increase on N63.42 billion paid for the 2016 business year. Shareholders received a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70 for the 2017 business year. The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.

    Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2017 showed that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax increased from N156.75 billion to N203.46 billion. After taxes, net profit rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share thus improved from N4.12 in 2016 to N5.66 in 2017.

     

     

  • Zenith Bank declares N9.42b interim dividend

    The board of directors of Zenith Bank Plc has approved distribution of N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018.

    The breakdown of the interim dividend indicates a dividend per share of 30 kobo, 20 per cent above 25 kobo paid as interim dividend for the first half of 2017. The bank had distributed N7.5 billion as interim dividend for the first half of 2017.

    Key extracts of the audited report and accounts of the bank for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed 15.3 per cent decline in gross earnings and a modest growth of 8.5 per cent in net profit after tax. Profit after tax rose to N81.7 billion in first half 2018 as against N75.3 billion recorded in comparable period of 2017. Profit before tax rose from N92.2 billion to N107.4 billion. Gross earnings declined to N322.2 billion as against N380.4 billion.

    Zenith Bank had distributed N84.8 billion to shareholders as cash dividend for the 2017 business year, representing 33.7 per cent increase on N63.42 billion paid for the 2016 business year. Shareholders received a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70 for the 2017 business year.

    The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.

    Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2017 showed that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax increased from N156.75 billion to N203.46 billion. After taxes, net profit rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share thus improved from N4.12 in 2016 to N5.66 in 2017.

  • Stock market upbeat as capitalisation gains N76bn

    The Nigerian Stock Exchange (NSE) closed on an upbeat note on Friday with key indicators appreciating by 0.58 per cent, while volume of transaction rose by 81.85 per cent.

    The News Agency of Nigeria (NAN) reports that the market capitalisation gained N76 billion or 0.58 per cent to close at N13.271 trillion compared with N13.195 trillion posted on Thursday.

    Also, the All-Share Index which opened at 36,427.22 rose by 209.75 points or 0.58 per cent to close at 36,636.97.

    Cement company of Northern led the gainers’ table during the day, gaining N2.85 to close at N31.35 per share.

    International Breweries followed with a gain of N1.50 to close at N37, while Dangote Sugar also advanced by N1.50 to close at N16.50 per share.

    Forte oil grew by 90k to close at N24, while Dangote Flour added 80k to close at N9.05 per share.

    On the other hand, Seplat topped the losers’ chart, dropping by N25 to close at N625 per share.

    Berger Paint trailed with a loss of 55k to close at N8, while Total shed 20k to close at N199.80 per share.

    NPF Microfinance Bank was down by 15k to close at N1.57, while NSL dropped by 4k to close at 40 per share.

    MedView Air was the toast of investors, trading 100 million shares worth N214 million.

    United Bank for Africa followed with an account of 32.09 million shares valued at N310.84 million, while Zenith Bank traded 31.29 million shares worth N743.05 million.

    Fidelity Bank sold 23.97 million shares worth N45.35 million, while Transcorp traded 12.57 million shares valued N15.06 million.

    Consequently, volume of shares transacted appreciated by 81.85 per cent and 17.11per cent, respectively.

    NAN reports that investors bought and sold 311.36 million shares worth N3.49 billion in 3,735 deals.

    This was 171.22 million shares valued at N2.98 billion achieved in 3,595 deals on Thursday.

  • Zenith Bank ‘Nextgen’ junior Masters begins in Lagos

    Sixteen players served off the Zenith Bank NextGen Junior Masters on Tuesday as Stephen Augustine defeats Emmanuel Jebutu 9-7, while Omolade Adeyemi crushed Kausarat Adegboyega, 9-1 in day one actions.

    The players — males and females — began the quest to emerge the best player of the elite competitions for U-18 players will be concluded on April 28.

    The competition is holding at the Tennis Courts of the National Stadium, Surulere, Lagos.

    Godwin Kienka, the organiser of the tournament, told the our reporter during the day one action that the players on parade are the best in the junior ranks.

    Kienka, who is the Director of the International Tennis Academy, said the tournament had always given players the opportunity to develop into the senior ranks.

    “The junior masters basically are for players who have made their necessary marks based on last year’s performance at the other junior cadres of competitions.

    “The top eight in the country have been isolated so that they can compete among themselves to make a quick transition to the senior ranks.

    “The competition is set aside to give players that psychological boost to strive to be among the best eight to be discovered and make it as great tennis player,’’ Kienka said.

    NAN reports that the eight boys invited for Masters are Michael Oshewa boy’s 18 champions, Godgift Timibra, Stephen Augustine, Tochukwu Ezeh, Michael Ayoola, Emma Jebutu, Philip Abayomi and Gabriel Friday.

    Friday is the winner of the boys U-16 title at the just-concluded CBN Junior Championships which held in Abuja, while Mathew Abamu the runner-up will standby as the alternate.

    To slug it out in the girl’s category are Oyin Quadre, semi-finalist at the African Junior Championship Girl’s U-16, Favour Moses winner of CBN Junior Championship, Omolade Aderemi, Omolayo Bamidele and Toyin Asogba.

    Others are Kasara Adegboyega, Mariam Alli-Balogun, and Rebecca Ekpeyong, while Oiza Yakubu, winner of the Girl’s U-14 CBN Juniors will serve as alternate.

    The tournament, according to the organisers, will have the players divided into two round robin groups of four with the top two finishers playing a cross semi-finals.

    NAN

     

  • NSE market capitalisation loses N83bn despite corporate actions

    Activities on the Nigerian Stock Exchange ( NSE ) closed in red on Wednesday with a loss of 0.54 per cent in spite of dividends declared by Zenith Bank and GT Bank.

    Zenith International Bank and GT Bank had announced dividends of N2.45 and N2.40 per share respectively for the financial year ended Dec. 31, 2017.

    In spite of the corporate actions, the market capitalisation dipped N83 billion or 0.54 per cent to close at N15.325 trillion against N15.408 trillion.

    Also, the All-Share Index which opened at 43,073.45 lost 233.93 points or 0.54 per cent to close at 42,839.52, amid loses by some highly capitalised equities.

    A breakdown of the losers’ chart indicated that Nestle topped the table with a loss of N20 to close at N1, 380 per share.

    Total trailed with a loss of N3 to close at N246, while Dangote Sugar Refinery declined by N1.10 to close at N21.20 per share.

    Cadbury shed 85k to close at N17.10 while NASCON and Allied Industries lost 70k to close at N21.30 per share.

    Conversely, Nigerian Breweries recorded the highest gain, appreciating by 90k to close at N130.90 per share.

    Stanbic IBTC followed with a gain of 55k to close at N49.15, while Dangote Cement increased by 40k to close at N268.80 per share.

    Fidson Healthcare added 24k to close at N5.14, while UAC property advanced by 15k to close at N3.15 per share.

    Similarly, the volume of shares transacted dropped by 8.44 per cent as investors bought and sold 373.52 million shares valued at N6.85 billion achieved in 5,220 deals.

    This was against the 407.96 million shares worth N6.12 billion transacted in 5,247 deals on Tuesday.

    The financial service sector remained the toast of investors with Fidelity Bank emerging the most active, accounting for 45.80 million shares worth N131.49 million.

    Zenith International Bank followed with 36.34 million shares valued at N1.11 billion, while FBN Holdings sold 34.11 million shares worth N388.95 million.

    Mansard Insurance traded 25.26 million shares valued at N69.73 million, while FCMB Group accounted for 25 million shares worth N63.34 million.

    NAN

  • Zenith Bank declares N84.8b dividend

    The board of directors of Zenith Bank Plc yesterday announced that the bank will be distributing N84.8 billion to shareholders as cash dividend for the 2017 business year. The recommended payout represents 33.7 per cent increase on N63.42 billion paid for the 2016 business year.

    The dividend recommendation submitted to the Nigerian Stock Exchange (NSE) indicated that shareholders will receive a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70.

    The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.

    Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2017 showed that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax increased from N156.75 billion to N203.46 billion. After taxes, net profit rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share thus improved from N4.12 in 2016 to N5.66 in 2017.

     

  • NSE moves 403.14m shares worth N9.14bn

    NSE moves 403.14m shares worth N9.14bn

    Investors on the Nigerian Stock Exchange ( NSE ) on Friday traded 403.14 million shares valued at N9.14 billion exchanged in 4,570 deals.

    This was against a turnover of 371.25 million shares worth N4.87 billion achieved in 4,570 deals on Thursday, an increase of 8.6 per cent.

    United Bank for Africa ( UBA ) drove the activity chart accounting for 74.17 million shares valued at N977.38 million.

    It was followed by Zenith Bank, which traded 44.33 million shares worth N1.39 billion, while GT Bank sold 38 million shares valued at N1.84 billion.

    Transcorp exchanged 24.09 million shares worth N47.82 million and FBN Holdings achieved a turnover of 21. 98 million shares valued at N247.96 million.

    Seplat for the second day running recorded the highest price gain to lead the gainers’ table growing by N25.10 to close at N700.10 per share.

    Total followed with a gain of N11.50 to close at N242.50, while Presco grew by N2.75 to N72.75 per share.

    Lafarge Africa garnered 90k to close at N51, while NASCON improved by 85k to close at N23.80 per share.

    As a result, the All-Share Index rose by 32.85 points or 0.08 per cent to close at 42,876.23 compared to 42,843.38 posted on Thursday.

    Also, the market capitalisation which opened at N15.374 trillion inched N29 billion to close at N15.403 billion.

    On the other hand, Nestle Nigeria topped the losers’ chart dropping by N42 to close at N1, 400 per share.

    Mobil Nigeria Plc trailed with a loss of N7 to close at N177, while Guinness was down by N5.20 to close at N99.70 per share.

    PZ Industries shed 85k to close at N23.30, while International Breweries depreciated by 65k to close at N57 per share.

    NAN

  • Wakanow.com introduces innovative payment model

    Wakanow.com introduces innovative payment model

    Wakanow.com – an online travel agency – has announced its transition from a two-week airline billing settlement cycle to a daily direct remittance and pre-paid card payment settlement, which is aimed at reducing the cost of travel for customers.

    The firm changed its payment model from the two-week Billing and Settlement Plan (BSP), because the plan requires multi-billion bank guarantees. This prompted travel agencies to pass on the increased cost to customers.

    The new model will make airlines receive payments within 24 hours against the BSP’s four-week timeline standard. Some of the benefits of the new payment procedure, the firm said, include a faster refund process in which claims can be turned around in a few working days rather than the current arrangement which takes months to complete.

    Wakanow’s Group Managing Director, Mr Obinna Ekezie, said: “In the last two years, airfares have increased due to the devaluation of the naira and increased airline risk in payment collection and remittance. These new daily remittance and prepaid card settlement platforms to be launched by Wakanow have been tested by notable airlines, such as Emirates, Royal Air Maroc and Kenya Airways. We believe this would revolutionise the entire travel industry and offer reduced pricing for airline tickets.”

    Wakanow, Ekezie said, is working closely with its International Air Transport Association (IATA), airlines partners and Zenith Bank to streamline the transition.
    Regional Manager of Royal Air Maroc, Jamal Harichi, hailed the new payment initiative. He said: “This new method as championed by Wakanow would enhance painless ticket purchase and promote professionalism in the industry. Wakanow has returned with a successful, safe and dynamic initiative that will give a new lease of life to the travel industry and propel the economy.

    “I renew my full support for the innovations initiated by Wakanow.com and thank the entire team for their efforts in order to make Nigerian market a model of innovation, modernization in African tourism sector.”

    Wakanow is Africa’s largest Online Travel Agency with commercial operations in Nigeria, Ghana, Kenya and the UK. The company is currently undertaking a large expansion project which will result in stronger footprint across Africa, the UK and USA. Wakanow currently process over 15,000 bookings in Nigeria monthly as the demand for African travel continues to grow.

  • Fintech conference holds January

    THE second edition of Fintech annual conference will hold between January 24th – 26th January, 2018 in Lagos.

    The first edition which was held in April 2017, drew participants from various industries and countries.

    According to the organizers of the event, “the 2nd National Fintech conference promises to herald contemporary thinking and developments in financial technology.

    The conference will feature high-profile speakers/subject matter experts and innovative start-ups within the fintech space.

    Unlike the first edition, the second edition will feature Nigerian Fintech Awards Night and the official launch of Fintech Association of Nigeria.

    The conference programme will include a dialogue on the African FinTech ecosystem and panel discussions on regulations and compliance as Nigeria takes the crown as the FinTech Hub for Africa. Key stakeholders such as government officials, business leaders, regulators and academics will attend.

    The panel of experts will also include: , Founder CEO, Harvesting Inc Ruchit G. Garg; Investment Officer, Accion Venture Lab, Ashley Lewis; Co-Founder & President, Ovamba Solutions, Inc,Viola A. Llewellyn;, Co-Founder, FinTech Stage,  Lazaro Campos.

    Digital Finance Institute, Ecobank, Zenith Bank, GTBank, CBN, Systemspecs, vatebra, ACCION, FSDH, echoVC, Asoko Insight, Mastercard, Proshare, Banwo and Ighodalo, Deloitte, Paga, Soft Alliance Limited and many other companies were among those participated at the 1st edition.

  • Ghanaian president praises Zenith Bank

    Ghanaian President Nana Akufo-Addo has praised the contributions of Zenith Bank to the Ghanaian financial services sector.

    Describing the bank as a ‘truly pan-African bank’ with presence in several countries on the continent, he said that Africa needs institutions like Zenith Bank to bring about a united West Africa and Africa, that will engender future prosperity of its people and the continent.

    He spoke while commissioning  the new Head Office complex of Zenith Bank Ghana, at Ridge, Accra, Ghana.

    He said the initiative and sense of risk-taking and entrepreneurship that Zenith Bank represents is what will drive Ghana and the continent to prosperity, economic interdependence and sustainability.

    He added that for the economic renaissance we seek, “we need many more Jim Ovia” on the continent to leapfrog enterprise and entrepreneurship.

    President Akufo-Addo also commended the bank for paying attention to another important aspect of Ghana’s development – education of young people – through its $2 million dollars educational support. He described the initiative as tremendous and applauded Jim Ovia for his characteristic kind gesture.

    Founder/Group Chairman of Zenith Bank Jim Ovia observed that the decision by the leadership of the bank to invest in Ghana is well thought-through considering Ghana is an emerging economic superpower in the sub-region and a very viable and virile entity.