Zenith Bank’s half-year result will be prepared on the basis of a new financial reporting style recently approved by the bank’s board of directors, according to a source at the Nigerian Stock Exchange (NSE).

The board which met last week, is said to have approved a new financial reporting policy, whereby the half-year result would be audited, contrary to past practices where only the full year result was audited before release.

It is believed that the new reporting style has already been forwarded to the Central Bank of Nigeria (CBN) for approval.

The market is already excited with the bank’s initiative, which some analysts describe as “a highly welcome development”.

Zenith Bank is reputed for consistent superior performance. The bank had grossed N403.4bn in earnings for the financial year 2014, with profit before tax at N119.80bn, while profit after tax stood at N99.46bn, making it the most profitable bank in the country.

The bank’s total asset stood at N3.76tn, with total shareholders’ funds of N552.64bn, again ranking the bank as the largest money deposit bank in Nigeria and the sixth largest in Africa by shareholders funds. Zenith paid dividend of N1.65 per share for the financial year 2014. The bank is noted for its strong asset quality with a non-performing loan ratio of 1.8%, which is one of the lowest in the industry.

The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

Zenith-Bank

Zenith Bank was recently certified by the British Standards Institution (BSI) on three key ISO (International Standards Organisation) standards namely; ISO22301(Business Continuity Management), 27001 (Information Security Management) and 20000 (IT Service Management).

By this feat, the bank joins a comity of other global brands with the highly-rated ISO certification; while remaining the first Nigerian organisation to have won the triple.

Peter Amangbo, Zenith’s group Managing Director/Chief Executive, said the honour stems from a resolve to deepen the customer experience through greater information security and an IT management system that emphasises the protection of the customer and his investments in an increasingly unpredictable business environment”.

http://businessdayonline.com/2015/08/zenith-bank-adopts-new-financial-reporting-style-for-half-year/#.VcMQ-PlViko lalasticlala

all these banks stories hitting front page this morning ehn?

Noted

ok

Frontpage is my Identity!

I:e njiri mara onye! For those of you that understand pidgin Igbo!

Good, tackle corruption

I like Zenith bank


My bank & I


Good move

Hmmmm

Wow..nice 1

Photos: 2Face And Faze In Amazing Makurdi Reunion

Good for the banking industry, hope it stimulates growth.

I hate that bank. Always coming up with network issue.

When they increase interest rate lemme know

My bank and i is for FCMB while in your best interest is for Zenith bank

ammyluv2002:
I like Zenith bank


My bank & I


Good move

WIL THEY GIVE US PART OF THE CASH AS JOBLESS NIGERIANS?




CHECK MY SIGNATURE TO READ MY FUNNY SECRET DIARY

ok

Nairalandi:
Frontpage is my Identity!
I:e njiri mara onye! For those of you that understand pidgin Igbo!

Good morning.

Nairalandi:
Frontpage is my Identity!
I:e njiri mara onye! For those of you that understand pidgin Igbo!

Good morning.

Nairalandi:
Frontpage is my Identity!
I:e njiri mara onye! For those of you that understand pidgin Igbo!

Good morning.

henryutd:

Good morning.

Good morning brother Henry! How is ur ministry going.?

allanphash7:
My bank and i is for FCMB while in your best interest is for Zenith bank

Bros, i know! You don't need to educate me....just borrowed it.

I like the slogan " My bank and I" " My Mum and I" so i use it most times to express my feeling

GOOD FOR THEM

I'm particularly impressed with their low NPL ratio. That shows they have quite a strong CRM system.

Omowe




Ko to ija now




Ha ba

ammyluv2002:
Bros, i know! You don't need to educate me....just borrowed it.

I like the slogan " My bank and I" " My Mum and I" so i use it most times to express my feeling

hmm! I didn't understand half of what I read in this post.

ITSAWRAPP:
Cool, that would reduce the time spent auditing the annual report since some of the audit procedures would have been done preceding the year end.

However, it will only ensure fraud, errors and omission are timely identified except that, there is really no other value added except to the shareholders though.

On a flip side, the cost of auditing the Financial Statements may increase as the exercise would be carried out twice in the year and the same audit procedures may have to be repeat i.e. double work.

Well, more money for their auditors. To me, I just think this write up is a publicity stunt. When I saw new financial reporting style. I was wondering it IASB has issued a new financial reporting standards other than IAS or a new financial reporting framework. This is just publishing audited half year report, which is very good, enhances good corporate governance, reliability on the financial statements and complying with best international practice.

It is good they are taking the lead, other Banks will follow suit and probably, we will begin to have audited quarterly reports.

Boss13:


Well, more money for their auditors. To me, I just think this write up is a publicity stunt. When I saw new financial reporting style. I was wondering it IASB has issued a new financial reporting standards other than IAS or a new financial reporting framework. This is just publishing audited half year report, which is very good, enhances good corporate governance, reliability on the financial statements and complying with best international practice.

It is good they are taking the lead, other Banks will follow suit and probably, we will begin to have audited quarterly reports.

As first I was scared like has the bank reverted to SAS? ...hahahha

Publicity stunt truly, anything to get the market buzzing and investors talking

ITSAWRAPP:
Cool, that would reduce the time spent auditing the annual report since some of the audit procedures would have been done preceding the year end.

However, it will only ensure fraud, errors and omission are timely identified except that, there is really no other value added except to the shareholders though.

On a flip side, the cost of auditing the Financial Statements may increase as the exercise would be carried out twice in the year and the same audit procedures may have to be repeat i.e. double work.

Bros, you just said what was in my head. brilliant!

ammyluv2002:
I like Zenith bank
My bank & I
Good move

Yeah...Zenith has never given me stress since 2011