Zenith Bank Maintains Leading Position in Profitability as PBT Soars To N727 Billion in H1 2024 Result
Nume Ekeghe
Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3
billion reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment. According to the bank's audited
half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30th August 2024, the triple-digit growth in the top line also drove growth in the bottom line as the Group recorded a 108% Year on Year (YoY) increase in profit
before tax, from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax also grew by 98% from N292 billion to N578 billion in the same period. This led to growth in earnings per share (EPS) by 98% from N9.29 in H1 2023 to
N18.41 in the period under review. The growth in gross earnings was driven by an acceleration in both interest income and non-interest income. Propelled by the growth of and by the effective pricing of risk assets, interest income
surpassed the N1 trillion mark, a half-year record, growing by 177% from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024, while non-interest income grew Continued on page 5
Tinubu to Sign MoUs with Chinese President, Xi Jinpin, Today, Indonesia Too...
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Monday, September 2, 2024 Vol 29. No 10736. Price: N400
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Report: More Than One in Four Children Born to Nigerian Men Not Theirs...
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With Rising Subsidy Costs, NNPC Finally Admits Owing Foreign Petrol Suppliers Huge Debts Says situation causing oil company financial strain Atiku demands listing of NNPC on stock exchange to enhance transparency Insists national oil company is cesspool of endemic corruption Falana alleges fraud in fuel subsidy payment
Emmanuel Addeh, Chuks Okocha in Abuja and Peter Uzoho in Lagos With
petrol
subsidy
costs
skyrocketing, after months of denial, the Nigerian National Petroleum Company Limited (NNPC), yesterday finally admitted
that it was owing huge debts to its international petrol suppliers. The national oil company stated that due to the situation, it was
facing financial strain, thereby impacting supply sustainability and posing substantial threats to national fuel supply.
THISDAY learnt that the situation international price of crude oil and has been further worsened by the other costs, which have made it falling value of the naira against Continued on page 5 the US dollar as well as the rising
Adelabu: FG Set to Release $800m for Power Infrastructure
Says Discos’ incessant rejection of load supply ‘regrettable’ 59% of industries exit national grid China assures Nigeria of support to revamp sector Emmanuel Addeh in Abuja
The federal government at the weekend said it was concluding plans to release $800 million under the Presidential Power Initiative (PPI) to significantly enhance the government’s efforts at revamping the country’s power supply nationwide. Specifically, the Minister of Power, Chief Adebayo Adelabu stated that the funds will be utilised for the construction of electricity substations and
distribution lines under the PPI scheme also known as the Siemens project. Adelabu, according to a statement from the ministry spoke during a facility tour of TBEA Southern Power Transmission and Distribution Industry in Beijing, China, while attending the China-Africa Cooperation Summit. The PPI deal with the German Government aims to modernise, Continued on page 5
NECA, NACCIMA, CPPE Express Concern over TINUBU ARRIVES BEIJING... of Republic of China to Nigeria, Yu Dunhia; Deputy Leader of CPC Party, Han Zheng; Minister of Natural Resources China, Wang Guaghua, Perceived FCCPC’s Role as Price Control Agency... Ambassador welcoming President Bola Ahmed Tinubu to Beijing at the Beijing International Airport, China... yesterday Pg 6
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