July 26 (Lagos) - Zenith Bank Plc (ZENITHBANK) reported unaudited financial results for the second quarter of 2012 that blew away analyst expectations with strong rise in revenue and net profit. Top line revenue increased by 22% to N 151 billion in the second quarter of 2012 up from N 123 billion in the same period of 2011.
Profit after tax surged 32% to N 42.4 billion in the second quarter from N 32 billion from the second quarter of 2011. Total assets grew by over 6% to N 2.47 trillion. Zenith Bank is ranked as the seventh largets banks in Africa and is arguable Nigeria's biggest banking brand name.
AMCON CEO recently commented that Zenith Bank could clock a Profit after tax of more than N 100 billion for 2012. These results certainly point towards that direction. Shares of Zenith Bank are currently (11 A.M) trading lower by 2% at the Nigerian Stock Exchange today at N 14.34, but this stock has been a very good performer over the past month. Most analysts are bullish on this stock.
reporting for easykobo.com on Wednesday, July 26 2012 from Lagos, Nigeria
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