Nigeria: Zenith Bank makes June 30 - September 30 new financial year

August 20, 2008 by ella

Zenith Bank Plc has announced a change in its financial year end from June 30 to September 30, effective from the 2008 financial period.

According to the bank, Zenith, which hitherto had operated a July to June financial year, took the decision in order to enhance shareholders’ value.

Its 12 month result released last week showed a profit before tax of N50.28bn.

The result for the full year ended September 30, 2008, would be even more impressive.

There are strong indications that shareholders of the bank may receive N1.60 dividend per share.

This will represent an increase of 52 per cent over the N1.05 per share contained in the bank‘s last offer document.

That expectation is supported by the 67 per cent increase in gross earnings from N94.88bn in 2007 to N158.29bn, a 96 per cent increase in profit before tax from N25.67bn to N50.28bn and a 119 per cent jump in profit after tax from N18.77bn to N41.04bn.

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