Zenith Bank profit rises, to pay dividend

Nigeria’s Zenith Bank has declared its year end audited accounts, with almost all the indices on the upward swing.

Profit after tax increased by about N7 billion to N44.1 billlion, from the N37.4 billion made in 2010. The gross profit was also higher by N10 billion than the N50 billion recorded in 2010.

Zenith also reported a 25 per cent increase in turnover in 2011 than the N192 billion registered in 2010. The downside in the figures given to the Nigeria Stock Exchange on Friday was the increase in operating expenses from N97.7 billion in 2010 to N118.2 billion last year.

The company will pay 95 kobo to its shareholders on 5 April, after the closure of the company’s register on 30 March and the shareholders’ meeting on 3 April in Lagos