Zenith Bank Headquarters
The horizon for higher returns to investors in the banking subsector further brightened Wednesday as Zenith Bank Plc and Stanbic IBTC Bank Plc joined banks that have announced 2012 improved half-year results. Nigerian Breweries Plc and Nestle Nigeria Plc also reported impressive half-year results.
For instance, Zenith Bank recorded gross earnings of N151 billion for the half year ended June 30, 2012, up by 23 per cent from N123.2 billion recorded in the corresponding period of 2011.
Profit before tax rose from N36.8 billion to 50.2 billion, while profit after tax grew by 32 per cent from N32.1 billion to N42 .4 billion. Earnings per share grew to N1.35, compared with N1.01 in 2011.
Similarly, Stanbic IBTC reported gross earnings of N45.6 billion for the half year ended June 30, 2012, compared with N31.2 billion in the corresponding period of 2011.
Profit before tax stood at N5.855 billion as against N5.4 billion just as profit after tax rose from N3.8 billion to N4.9 billion.
EPS was 46 kobo up from 36 kobo in the corresponding period of 2011.
Nigerian Breweries Plc declared a turnover of N136.3 billion in 2012, as against N110.2 billion in 2011 and profit after tax of N19.4 billion compared with N18.9 billion in 2011.
Nestle Nigeria Plc ended the six months with a turnover of N36.7 billion, compared with N44.6 billion in 2011. Profit after tax grew from N6.5 billion to N9.8 billion.
Meanwhile, the market remained bearish as the Nigerian Stock Exchange (NSE) All-Share Index shed 0.17 per cent to close at 23,129.82. The market had similarly gone down the previous day. By the close of trading yesterday, 20 stocks appreciated while 23 others shed value.