Zenith Bank has declared a profit after tax of N95.8bn for the financial year ended December 31, 2012, an increase of 132 per cent when compared to N41.3bn recorded in the same period of 2011.

During the review period, total assets of the bank grew by 12 per cent, from N2.17trn in 2011 to N2.44trn, while shareholders’ fund rose by 18 per cent, from N372.02bn to N438bn.

The bank’s gross earnings increased by 30 per cent, from N214.9bn in 2011, to N279bn in 2012, while its total deposit stood at N1.8trn, an increase of 14 per cent when compared to N1.58trn recorded in the corresponding period of 2011.

Speaking at the bank’s Annual General Meeting in Lagos yesterday, the Group Managing Director, Mr. Godwin Emefiele, assured the shareholders that the bank’s management will work harder in the current year to ensure that the bank’s balance sheet improved.

He said, “We are aware that there is competition in the market and we will work hard to take the share. We will work hard to ensure that profit, deposits and shareholders fund don’t drop.”

Emefiele also assured that the management will work according to the law to get N2trn mark on savings and put operating expenses under control to reward shareholders better.

The shareholders, however, approved N50.23bn dividends recommended by the board of the bank.

To the President, Association for the Advancement of the Rights of Nigerian Shareholders Dr. Faruk Umar, the dividend of N1.60 kobo per share excites the shareholders.

He recalled that the bank was looking for N25bn to recapitalise during the Prof. Chukwuma Soludo era, and has recorded a profit after tax of over N24bn in the first quarter of 2013.

He urged the bank to continue with the impressive result as in the 2012 financial year.

The President of Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu appealed to the board and management of the bank to manage the good result posted by the bank.

The Chairman of the bank, Mr. Steve Omojafor while addressing the shareholders at the meeting said the bank in 2012, delivered a very healthy performance as it was able to exploit the opportunities within the environment.

“This translated into an excellent performance that attests to the durability and restilence of the brand. This result speaks eloquently of the exceptional financial health of our bank,” he added.

Source: National Mirror (By Johnson Okanlawon)