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Zenith Bank Adopts New Financial Reporting Style For Half-Year

Zenith Bank’s half-year result will be prepared on the basis of  a new financial reporting style recently approved by the bank’s board of directors, according to a source at the Nigerian Stock Exchange (NSE).

The board which met last week, is said to have approved a new financial reporting policy, whereby the half-year result would be audited, contrary to past practices where only the full year result was audited before release.

It is believed that the new reporting style has already been forwarded to the Central Bank of Nigeria (CBN) for approval.

The market is already excited with the bank’s initiative, which some analysts describe as “a highly welcome development”.

Zenith Bank is reputed for consistent superior performance.  The bank had grossed N403.4bn in earnings for the financial year 2014, with profit before tax at N119.80bn, while profit after tax stood at N99.46bn, making it the most profitable bank in the country.

The bank’s total asset stood at N3.76tn, with total shareholders’ funds of N552.64bn, again ranking the bank as the largest money deposit bank in Nigeria and the sixth largest in Africa by shareholders funds. Zenith paid dividend of N1.65 per share for the financial year 2014.  The bank is noted for its strong asset quality with a non-performing loan ratio of 1.8%, which is one of the lowest in the industry.

The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

Zenith Bank PlcZenith Bank was recently certified by the British Standards Institution (BSI) on three key ISO (International Standards Organisation) standards namely; ISO22301(Business Continuity Management), 27001 (Information Security Management) and 20000 (IT Service Management).

By this feat, the bank joins a comity of other global brands with the highly-rated ISO certification; while remaining the first Nigerian organisation to have won the triple.

Peter Amangbo, Zenith’s group Managing Director/Chief Executive, said the honour stems from a resolve to deepen the customer experience through greater information security and an IT management system that emphasises the protection of the customer and his investments in an increasingly unpredictable business environment”.

Main Source: BusinessdayOnline

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