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Zenith Bank Nigeria Says Second-Quarter Profit Surged 32%

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July 25 (Bloomberg) -- Zenith Bank Plc, Nigeria’s second-biggest lender by market value, said second-quarter profit jumped 32 percent from a year earlier.

Net income rose to 42.4 billion naira ($265 million) from 32.1 billion naira a year earlier, the Lagos-based lender said today in a statement on the website of the Nigerian Stock Exchange. Revenue advanced 23 percent to 151.1 billion naira.

The net income “defied our conservative expectation, as it came in 6 percent stronger than our estimate of 39 billion naira,” Vetiva Capital Management said today in an e-mailed note by Lagos-based analyst Abiola Rasaq. Revenue was higher than the expected 140 billion naira, he said.

Zenith shares retreated 0.1 percent to 14.68 naira at the close in Lagos, reducing their advance this year to 24 percent, compared with an 11.6 percent rise in the Nigerian Stock Exchange All-Share Index over the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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