Zenith Bank Adopts Strategy for Half-year Financial Reporting

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Zenith Bank Plc has adopted a new financial reporting
policy, with the bank set to release its audited half-year
results in the coming days.

According to sources at The Nigerian Stock Exchange
(NSE), 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 format, which will be
forwarded to the Central Bank of Nigeria (CBN) for
approval.

Market analysts have commended Zenith Bank’s
initiative, describing it as “a highly welcome
development”.

Zenith has over the years 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.

Similarly, the bank’s total assets stood at N3.76 trillion,
with total shareholders’ funds of N552.64 billion, which
ranks the bank as the largest bank in Nigeria and the
sixth largest in Africa by shareholders' funds.

The bank paid a dividend of N1.65 per share for the
financial year 2014, and is noted for its strong asset
quality with a non-performing loan ratio of 1.8 per cent,
which is one of the lowest in the industry.

The bank’s service delivery has won numerous
international endorsements and awards, including Best
Bank in Corporate Governance in Nigeria by Global
Banking and Finance (2015), Best Customer Service
Bank in Nigeria by Global Banking and Finance (2014)
and the Most Customer-Focused Bank in Nigeria by
KPMG (2014).

Only recently, Zenith was certified by the British
Standards Institution (BSI) on three key ISO
(International Standards Organisation) standards
namely; ISO 22301 (Business Continuity Management),
27001 (Information Security Management) and 20000
(IT Service Management). Zenith is the first Nigerian
institution to win the three standards at ago.

By this feat, the bank already reputed for its culture of
service delivery, joins other global brands with the
highly-rated ISO certification.

Speaking at the awards ceremony, the bank's Group
Managing Director/Chief Executive Officer, Peter
Amangbo, said: “Our commitment to these standards
stems from a resolve to deepen the customer experience
through greater information security and an IT
management system that emphasises the protection of the
customer and his investments in an increasingly
unpredictable business environment; via subscription to
internationally-accepted principles.”

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