Zenith Bank is at Zenith
The age of banking is here and Zenith Bank is the high priest in the Nigeria altar: "Zenith Bank has announced its financial results for the second quarter of 2024, revealing a remarkable surge in profitability. The bank reported a pre-tax profit of N406.8 billion for the quarter, representing a staggering 370% increase compared to the N86.8 billion recorded in the same period last year."
Yet, it is not all good news: "Loan impairments for the second quarter alone amounted to N359.3 billion, a massive 4548% increase from the previous year. This brought the total impairments for the first half of 2024 to N415.2 billion, surpassing the N409.6 billion recorded for the entire year of 2023."
Read again - N415.2 billion for just six months. How many banks in Nigeria are valued at more than that number?
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