Zenith Bank Becomes 1st bank to make N100billion PAT & Lists 125M GDR on LSE.

 


On Tuesday,Zenithbank, announced a profit  before tax(PBT) of N102.10billion for the financial year ended December 2012, up by 51.4% from the N67.44 billion recorded in 2011.

Details of the group's audited result announced on the floors of the NSE showed that the PAT for the period was N100.68billion, which represents a 106.7% jump from the N48.70billion recorded in the corresponding period of 2011.

The much expected result confirms the bank's leadership position in the industry as it became  the first to cross the N100billion profit after tax(PAT) mark in a financial year.The result also showed the bank maintaining its  leadership position on other parameters with total assests plus contingents of N2.60trillion, representing a 12.7% increase over the N2.30billion recorded in 2011.

Already, the directors of the bank are proposing a dividend payout of N1.60 per share.

In another report, Zenith Bank Plc yesterday listed 125 Global Depository Receipts (GDRs) in London Stock Exchange (LSE) International Order Book, the world’s largest and most liquid GDR market giving it access to a wide range of major institutional investors and significantly raising its international profile.
Listing with a market capitalisation of $4.24 billion, each Zenith Bank GDR represent 50 ordinary shares.
According to Ibukun Adebayo, Head of Primary Markets, Africa at London Stock Exchange, “Zenith Bank’s listing highlights London’s leading role in supporting Nigeria’s burgeoning financial sector.
Three major Nigerian banks have listed in London demonstrating UK and international investors’ appetite for exposure to this fast growing and increasingly diverse economy.”
Zenith Bank is the third Nigerian Bank to list GDRs in London following Guaranty Trust Bank and Diamond Bank. Zenith’s listing means that the two largest Nigerian banks by market capitalisation are now listed in London. The company joins a vibrant community of 58 emerging market banks listed in London, valued collectively at just under $75 billion. The listing also gives Zenith access to the deepest international pool of capital in the world, currently holding more than $1.8 trillion in international equity assets.
It joins five other companies on London Stock Exchange’s markets that have major operations in Nigeria. London Stock Exchange is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on London Stock Exchange have raised over £4.2 billion in new and further issues.
97 Sub-Sahara African focused companies are listed on or admitted to London Stock Exchange Markets, comprising: 23 equity listings on Main Market, 2 GDR listings on Main Market, 70 equity admissions on AIM and 2 GDR listings on PSM Zenith Bank has headquartered in Nigeria, with subsidiaries in the UK, Ghana, Sierra Leone, The Gambia and representative offices in South Africa and China.
With a customer base of over two million accounts at 366 branches and total assets of $27bn, it is the biggest Nigerian bank in terms of Tier 1 capital and shareholders’ funds. Clifford Chance is the bank’s UK counsel and J.P. Morgan Chase is the Depository Bank