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Zenith Bank targets N215bn gross earnings

Posted by By Sun News Publishing on 2007/11/30 | Views: 552 |

Zenith Bank targets N215bn gross earnings


Zenith Bank Plc is targeting gross earnings of N215.15 billion for the financial year ending June, 2010.This represents over 126 per cent growth over the N84.88 billion declared at the end of the bank’s financial year ended June 30, 2007.

Zenith Bank Plc is targeting gross earnings of N215.15 billion for the financial year ending June, 2010.This represents over 126 per cent growth over the N84.88 billion declared at the end of the bank’s financial year ended June 30, 2007.

Zenith Bank will be in the capital market next week to raise N130 billion in a combined public offer of 1.763, 000, 000 ordinary shares of 50 kobo at N38.90 and a rights issue of 1,654,557,911 units of 50 kobo each at N36.90 per share. The offer is expected to open on December 6, 2007.

Equally notable, according to information provided in the bank’s offer document, is the 198.90 per cent projected jump in profit before tax over the next three years. Forecast profit before tax for the financial year ending June 2010 is N76.73 billion as against the N26.67 billion recorded as at the end of June 30, 2007.

The offer documents obtained also showed that gross earnings is projected to hit N123.15 billion for the financial years ending June 2008 and N168.63 billion for the following year, representing 29.79 per cent and 77.72 per cent respectively. Profit before tax over the same period is projected at N38.85 billion for the financial year ending June, 2008 and N57.10 billion for the following year; representing 51.34 per cent and 122.43 per cent increase respectively.
Zenith Bank has built its reputation on creating more value for its shareholders with superior performance over the years that has helped it to pass some of the wealth through dividend payouts and capital appreciation.

The bank issued a four (4) for one (1) bonus issue this year, in addition to paying out N9.26 billion, which surpassed the N6.6 billion paid out in the previous year by almost 40 per cent.
The bank’s full year result for the financial year ended June 2007 showed pre-tax profit increasing by 41 per cent from N15.15 billion the previous year to N26 billion, while gross earnings for the year under review stands at N94.88 billion, up by 58.1 per cent from the N60.00 billion recorded in the previous year, indicating an increasing dominance in its market share.
Equally, profit after tax shows a 63.5 per cent increase from the N11.48 billion recorded in the previous year, to N18.77 billion in the year under review.

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Comments (3)

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding

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Ikponmwosa Osamede(Edo, Nigeria)says...

Your meaning of Osamede is wrong. Osamede means God has given me a crown