• Zenith Bank Plc reports N88.9 billion profit in HI 2019.
  • The bank declared a proposed interim dividend pay-out of 30 kobo per share.
  • It also recorded more than 90% increase in fraud and forgeries cases in the first half of 2019.

Nigerian tier-1 bank, Zenith Bank Plc has reported N88.9 billion profit in the first half of 2019.

This is an increase of 8.7%as against N81.7 billion recorded in the same period in 2018. Other financial metrics posted positive growth as it declared a proposed interim dividend pay-out of 30 kobo per share.

Per the financial statement, the bank's pre-tax profit for the second quarter of the year grew by 4.02% to N111.68billion compared to N107.36 billion in the same period for last year, while earnings per share rose to N2.83 from N2.60 in 2018.

Meanwhile, the bank also posted a significant lost to fraud and forgeries within the period. Business Insider SSA's analysis showed that most of the fraud were perpetrated by the staff of the company, representing 97% of the total financial loss to fraud and forgeries for the period.

In 2018, the bank also recorded a 400% loss to fraud and forgery cases despite posting an impressive overall financial report with N193 million profit.

That figure has been surpassed by more than double in the first half of 2019.