Zenith Bank

[Salida]

Rivers State Government has taken over the administration of its payroll from Zenith Bank.

Rivers Inaugurates New Pay Roll System , Articles | THISDAY LIVE

[Salida]

Zenith Bank?s shareholders okay N29.8b for 2011 dividend

[wanaj0]

Originally Posted by Salida

Zenith Bank?s shareholders okay N29.8b for 2011 dividend

They just okay am? Saw the thing for my account.

Thank you Zenith for contributing towards making this Easter a happy one.

Let the party begin. Next is GTB?

[Mberede]

Zenith bank finally does something about the top heavy managerial status. 1200 staff including 8 GMs and a whopping 40 AGMs relieved of their jobs. Are shareholders of the bank to start jubilating at this development or what?

Premium Times

[knightofdelta]

Originally Posted by Mberede

Zenith bank finally does something about the top heavy managerial status. 1200 staff including 8 GMs and a whopping 40 AGMs relieved of their jobs. Are shareholders of the bank to start jubilating at this development or what?

Premium Times

Most definitely. Zenith bank is one of the well run corporate organizations in Nigeria... Godwin Emefiele has definitely done well after Ovia handed over to him. To think that Zenith bank and UBA were in the same league just a few years ago and had management change at about the same time.

[cashrules]

Originally Posted by Mberede

Zenith bank finally does something about the top heavy managerial status. 1200 staff including 8 GMs and a whopping 40 AGMs relieved of their jobs. Are shareholders of the bank to start jubilating at this development or what?

Premium Times

Originally Posted by knightofdelta

Most definitely. Zenith bank is one of the well run corporate organizations in Nigeria... Godwin Emefiele has definitely done well after Ovia handed over to him. To think that Zenith bank and UBA were in the same league just a few years ago and had management change at about the same time.

Nice to see the brave move by Emefiele...Also nice to hear thathe settled the boiz very well!! As a shareholder..I think its time to load on more!!

[nosa2]

Originally Posted by cashrules

Nice to see the brave move by Emefiele...Also nice to hear thathe settled the boiz very well!! As a shareholder..I think its time to load on more!!

I'm with you on loading more

[wanaj0]

Originally Posted by knightofdelta

Most definitely. Zenith bank is one of the well run corporate organizations in Nigeria... Godwin Emefiele has definitely done well after Ovia handed over to him. To think that Zenith bank and UBA were in the same league just a few years ago and had management change at about the same time.

They were never in the same league. If you say Zenith and GTB, then I will agree with you. UBA was never really one to be reckoned with apart from in terms of SIZE.

UBA started the exceptional item business as far back as 2003 if I can remember.

[BigJay01]

RESULT ANNOUNCEMENT
ZENITH BANK PLC
May 3rd, 2012

http://www.nse.com.ng/Financial%20Ne...2unaudited.pdf

[Salida]

ZENITH BANK PLC

May 3, 2012

Unaudited Results (March, 2012)

Statement of Comprehensive Income
Gross Earnings 31/03/2012 N72.356b 31/03/2011 N54.257b 31/12/2011 N236.375b
Interest Income 12 N52.826b 11 N35.887b Audited 11 N163.191b
Interest Expenses 12 (N14.568b) 11 (N7.527b) Audited 11 (N34.906b)
Fee, Commission & Other Income 12 N13.825b 11 N17.198b Audited 11 N67.569b Impairment Charges for Credit losses 12 (N1.211b) 11 (N3.934b) Audited 11 (N19.140b)
Operating Expenses 12 (N29.697b) 11 (N24.786b) Audited 11 (N116.243b)
Profit before Tax 12 N23.012b 11 N18.350b Audited 11 N64.588b
Taxation 12 (N3.786b) 11 (N3.087b) Audited 11 (N16.509b)
Profit after Tax 12 N19.226b 11 N15.263b Audited 11 N48.079b
Other Comprehensive Income 12 (N740m) 11 (N38m) Audited 11 N1.313b
Total Comprehensive Income 12 N18.486b 11 N15.225b Audited 11 N49.392b

Statement of Financial Position
Plant, Property & Equipment 31-03-12 N69.143b 31-12-11 N68.633b
Investment in Securities 12 N293.902b 11 N307.637b
Treasury Bills 12 N534.523b 11 N516.142b
Loans and Advances 12 N909.466b 11 N893.997b
Cash and Bank Balances 12 N173.294b 11 N223.187b
Other Debit Balances 12 N388.454b 11 N328.069b
Deposits 12 N1.670tr 11 N1.653tr
Other Credit Balances 12 N292.692b 11 N302.105b
Net Assets 12 N397.830b 11 N376.898b

Corporate Actions

Proposed Dividend Nil
Proposed Bonus Nil
Qualification Date Nil
Closure Date Nil
AGM Date Nil
Payment Date Nil
AGM Venue Nil

[wanaj0]

Originally Posted by Salida

ZENITH BANK PLC

May 3, 2012

Unaudited Results (March, 2012)

Statement of Comprehensive Income
Gross Earnings 31/03/2012 N72.356b 31/03/2011 N54.257b 31/12/2011 N236.375b
Interest Income 12 N52.826b 11 N35.887b Audited 11 N163.191b
Interest Expenses 12 (N14.568b) 11 (N7.527b) Audited 11 (N34.906b)
Fee, Commission & Other Income 12 N13.825b 11 N17.198b Audited 11 N67.569b Impairment Charges for Credit losses 12 (N1.211b) 11 (N3.934b) Audited 11 (N19.140b)
Operating Expenses 12 (N29.697b) 11 (N24.786b) Audited 11 (N116.243b)
Profit before Tax 12 N23.012b 11 N18.350b Audited 11 N64.588b
Taxation 12 (N3.786b) 11 (N3.087b) Audited 11 (N16.509b)
Profit after Tax 12 N19.226b 11 N15.263b Audited 11 N48.079b
Other Comprehensive Income 12 (N740m) 11 (N38m) Audited 11 N1.313b
Total Comprehensive Income 12 N18.486b 11 N15.225b Audited 11 N49.392b

Statement of Financial Position
Plant, Property & Equipment 31-03-12 N69.143b 31-12-11 N68.633b
Investment in Securities 12 N293.902b 11 N307.637b
Treasury Bills 12 N534.523b 11 N516.142b
Loans and Advances 12 N909.466b 11 N893.997b
Cash and Bank Balances 12 N173.294b 11 N223.187b
Other Debit Balances 12 N388.454b 11 N328.069b
Deposits 12 N1.670tr 11 N1.653tr
Other Credit Balances 12 N292.692b 11 N302.105b
Net Assets 12 N397.830b 11 N376.898b

Corporate Actions

Proposed Dividend Nil
Proposed Bonus Nil
Qualification Date Nil
Closure Date Nil
AGM Date Nil
Payment Date Nil
AGM Venue Nil

The FBN result trumped this. Impressed also by their presentation yesterday.

The battle is on as competition will be tight this year.

[Salida]

Originally Posted by wanaj0

The FBN result trumped this. Impressed also by their presentation yesterday.

The battle is on as competition will be tight this year.

We are already seeing the dividends of having a common financial year end and IFRS reporting. Very soon the boys will be separated from the men and there will be a massive drive to cut costs here and there by way of staff and/or branch rationalisation.

[wanaj0]

Originally Posted by Salida

We are already seeing the dividends of having a common financial year end and IFRS reporting. Very soon the boys will be separated from the men and there will be a massive drive to cut costs here and there by way of staff and/or branch rationalisation.

Still trying to see the benefit of IFRS. It is more of European standard. American companies are still using GAAP. I know also that some Asian countries are refusing to comply fully with IFRS especially in property and oil palm plantation.

IFRS made FBN result to look 'better' than it is

[Salida]

Originally Posted by wanaj0

Still trying to see the benefit of IFRS. It is more of European standard. American companies are still using GAAP. I know also that some Asian countries are refusing to comply fully with IFRS especially in property and oil palm plantation.

IFRS made FBN result to look 'better' than it is

Sir Wanaj0,on the highlighted part above, it is synonymous to the drive for the embrace of GSM (European System) and CDMA (predominant in North America) in Telecoms. There will always be pros and cons for each system. However you will agree with me that Nigeria has always embraced European standards in many areas.

There was a caption I read sometime ago that said:The “spirit” of a U.S. GAAP “rule” and an IFRS “principle” may be the same but result in a different answer.

While a principle might internally motivates you to do the things that seem good and right; a rule externally compels you, through force, threat or punishment, to do the things someone else has deemed good or right.
While people develop principles by living with people with principles and seeing the real benefits of such a life;People follow or break rules.

In the nearest future, we will see which is best for the peculiar Nigerian System.

However, IFRS is gradually becoming a global standard and many countries are embracing it and with the quantum of cross-border trades and globalization, it is a matter of time.

[knightofdelta]

Originally Posted by wanaj0

Still trying to see the benefit of IFRS. It is more of European standard. American companies are still using GAAP. I know also that some Asian countries are refusing to comply fully with IFRS especially in property and oil palm plantation.

IFRS made FBN result to look 'better' than it is

Not necessarily. IFRS definitely boosts PAT somewhat when compared with GAAP but it provides very little room for hiding dirty deals unlike GAAP. All assets are expected to be marked to market under IFRS and all those dead loans that could have been hidden end up getting exposed in the light because there is no clause to keep them hidden.