- As Zenith Bank posts N75.32bn profit in 6 months
- declares 25k interim dividend
The Nigerian Stock Exchange (NSE) on Thursday recorded the first loss in the month of August with the market indices dropping by 0.11 per cent due to profit taking.
The market cpaitalisation shed N14 billion or 0.11 per cent to close at N13.133 trillion compared to N13.147 trillion achieved on Wednesday.
Also, the All-Share Index lost 41.17 points or 0.11 per cent to close at 38,102.85 as against 38,144.02 recorded on Wednesday due to sell pressure.
Market analysts had predicted that the market would likely experience mixed performance due to realignment of price occasioned by profit taking.
Alhaji Rasheed Yusuuf, the Managing Director, Trust Yield Securities Ltd., said that profit taking was part normal market transactions.
Yussuf said that profit taking would occur once in a while, noting that the market upbeat would be sustained due to strong fundamentals and favourable economic climate.
Total topped the losers’ chart, shedding N11 to close at N249 per share.
Forte Oil trailed with a loss of N5.78 to close at N53.76 and Dangote Sugar Refinery declined by 69k to close at N12.57 per share.
Zenith International Bank depreciated by 50k to close at N24 per share.
Conversely, Nestle maintained its leadership, topping the gainers’ table with a gain of N16.01 per share.
Guinness followed with a gain of N3.50 to close at N91 and Unilever increased by N2.05 to close at N43.05 per share.
Stanbic IBTC grew by N1.50 to close at N40 and Conoil added N1.44 to close at N34.30 per share.
In spite of the drop in market indicators, the volume of shares traded increased by 10.35 per cent with an exchange of 362.67 million shares worth N5.59 billion in 4,055 deals.
This was in contrast with a turnover of 328.65 million shares valued at N6.10 billion traded in 4,983 deals on Wednesday.
Access Bank was the most active stock during the day, exchanging 69.79 million shares worth N713.39 million.
Zenith Bank came second with 56.84 million shares valued at N1.44 billion, while FCMB Group traded 47.17 million shares worth N57.34 million.
Diamond Bank exchanged 33.23 million shares valued at N43.22 million and Guaranty Trust Bank sold 26.82 million shares worth N1.09 billion.
In the meantime, Zenith International Bank Plc has declared a profit after tax of N75.32 billion for the half year ended June 30.
This is available in the company’s half year result released by the Nigerian Stock Exchange (NSE) on Thursday.
The report showed that the profit-after-tax increased by 112.35 per cent when compared with N35.47 billion posted in the preceding period of 2016.
Its profit-before-tax rose to N92.18 billion, compared with N53.91 billion in 2016.
The bank also recorded gross earnings of N380.4 billion against N214.8 billion achieved in the comparative period of 2016, indicating a growth of 77 per cent.
Net interest income stood at N138.962 billion, as against N127 billion in 2016, while impairment charges increased by 196 per cent from N14.2 billion to N42 billion.
The bank’s trading income, realised from foreign exchange, jumped from negative N864 million to positive N65.318 billion; other operating income soared from N3.57 billion to N15.11 billion in 2017.
The bank also announced an interim dividend of N7.8 billion, which translated to 25k per share, same amount paid in the corresponding period of 2016.
Mr Jim Ovia, the bank’s Chairman, told the shareholders in March that the bank would continue to reward them accordingly.
Ovia said in line with its commitment to delivering superior returns to its shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.
He stated that the bank had maintained a culture of outstanding performance and industry leadership even in the face of a very challenging operating environment.
“As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate.
Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market.”