Second quarter profit surge for Zenith Bank

Nigeria’s top leading financial services company, Zenith Bank, has announced its profits for the second quarter of the year.

The second-biggest lender in Nigeria, by market value, said their net income rose to 42.4 billion naira (£265 million) from 32.1 billion naira the year before, the Lagos-based lender said in a statement released on the Nigerian Stock Exchange website.

Vetiva Capital Management analyst Abiola Rasaq said in a statement, the net income “defied our conservative expectation, as it came in 6 % stronger than our estimate of 39 billion naira, Zenith shares retreated 0.1% to 14.68 naira at the close in Lagos, reducing their advance this year to 24%, compared with an 11.6% rise in the Nigerian Stock Exchange All-Share Index over the same period.

Zenith Bank; has its headquarters in Nigeria with affiliations in Europe. Their aim has been focused on growing their customers’ businesses; success in this has made them leaders in the financial industry. Zenith Bank received the World Finance award for Best Corporate Governance, Nigeria, 2012, at the London Stock Exchange.