Zenith Bank 9-month net profit falls 57 percent

WHATS HAPPENING TO ZENITH BANK.......ANY WAY I STILL TRUST THEM

let the bloodbath begin.

Who is Zenith Bank deceiving? Its common knowledge the exposure they have to Oil Marketing firms and Margin loans manipulation.What of the irrecoverable loan to struggling Visafone? The earlier they come clean the better.The earlier Jim sells his 2 private jet the better

Hello Bisi , I do disagree with you . We have to discern facts from "common knowledge" . What is the source of your information of Zenith Credit exposure ? What data can you present to show that Visafone has a loan with Zenith and if its true , that the facility is irrecoverable and even then that Visafone is struggling ? On the issue of private jets ... pure gossip ! Lets talk facts please .

@Bisi stop sounding as if it is personal. Zenith has done well, nice to know that they have made provisions of 18billion. I personally will have expected more provision from them. They really do not have to pay any dividend this year. Even first bank intead of ggoing to borrow money should cut cost and reinvest profit for the next 3 yrs. The benefit for shareholders who remain for longterm will be share appreciation and an exciting future

I am sure Wilroy is an employee of Zenith, maybe even their corporate affairs manager. Can you tell us sir, in simple language why there is a sudden 57 per cent drop in profit. When some of say that the way these banks treat depositors funds leave much to be desired they us we should shut up because we know nothing about banking. Instead of concentrating on their key function of financial intermediation they get involved in all sorts of deals, which expose depositors to risks. I suspect, that this is just the beginning of an avalanche. Like Kia said, let the bloodbath begin...

This is the 1st time Zenith will admit that it's has fallen.It is high time it faces the real business of banking and stop trading and fighting for leadership. The bank has no doubt made some marks in the Nigerian banking scene but it should know that banking is far more than cutting corners.

Jide u have spoken well! Have u worked for Zenith bank b4 lol!

Hey Jide, that was a great comment. Jim ALWAYS strive to be #1 whether by crook or hard means. Now that they know that a risk manager is in place they are all making provisions. I think that Zenith Bank went to the capital market twice after having N25 billion shareholders fund already. And the regulatory authorities could not stop Jim. One need not be a rocket scientist to know that they were digging hole to fill hole. He wanted to buy all the properties on Ajose Adeogun Street and turn the street to Zenith Avenue. At a point, you would be wondering the wisdom in having more than 4 branches including head office on the same street.

I really have my doubts about these figures, i may not have my facts but i am in the financial service industry and quite a lot of us in this industry have an idea of what the 'true' position of our banks are, just like Bisi said, the margin loans exposure, oil firms exposure, visafone exposure are not really accounted for here as provisions, saying N18b is what they are making provisions for is far wide off the mark. They have sunk depositors moneys into ventures that are more or less 'lost' and they should really come clean and lets all know where we stand. I am sure about Zenith and UBA having 'burnt' there fingers, i therfore wait cautiously for UBA's report, lets see if they will make enough provisions for there fiasco called 'virgin Nigeria'

I feel that most of you guys are talking from sentiment point of view, even big banks in Uk and USA made some lost this period so Zenith is not an exception. all this while has been declaring an increase people is a lie no they declared a reduction u guys are saying the reduction is too small so what do u guys want again. a total collapse or what.

SOLUDO IS GONE, SANUSI IS IN. ALL THE UNECESARY "GARBAGES" WILL SURFACE NOW UNDER SOMEONE WHO IS RISK AVERSE. TIME FOR ACCOUNTABILITY. THE TRUTH IS ABOUT TO BEGIN UNRAVELING IN THE NAIJA FINANCIAL MARKET. WATCH AND PRAY.

guys this company is public property now remember. rather than wish its downfall, we are better off seeking to institutionalise good corporate governance (lack of which have been its bane)by throwing out (sanusi's task) all those who have managed its affairs with (excessive) greed so we can secure its future and potential.

Pure venting of spleen! How badly average guys hate the guy who 'always struggle' to be number one! No wonder, the poverty mentality and ignorance advertised through a lot of these comments devoid of facts. informed minds know that visafone is a cashcow,that visafone is financed by syndicated loans from a consortium of Nigerian banks, that N18billion provison cannot kill a bank like Zenith, and to cap it all, provison is not the same as loss. a large portion of the debts provided for will still be recovered. Get an education and stop advertising how little you know on the web!

Floriana watch what you write pls. I think it is wrong for us as Nigerians to be abusive on the internet. We have to respect each person's opinion no matter bad it is. But it seems the bug that is in our politicians has cuaght up with some of us. Nigerian PDP do not believe in opposition or another view. So I know where you are coming from Floriana. It is a way of preventing other people's view from being heard or for people to be afraid of sharing their opinion on the net because of guys like you who will always fight back with venom. I don't know much about Visafone since I haven't been in Nigeria in the past two years but let's put a stop to visafone discussion for now. Let's talk of the N18 billion provision. If I can understand some of the comments above, they only meant that N18 billion is an under provision. It is beside the point to say that provision is not the same as loss. You said, 'a large portion of the debts provided for will still be recovered' which shows that you work for the bank. I would have expected you to say 'might still be recovered'which is a conservative way.

Gbenga, am happy you affirmed you do not know what is going on since you have been away for some time. which is worse: a stern rebuke of uninformed people who presume to be experts in financial matters? or 'lack of conservatism is stating the fact of a matter'?. the ineternet is not a place to advertise ignorance. you can raise questions and be enlightened by people who know more than you. remember an administrator reviewed the message and certified it fit.nobody is abusing anybody but if you rejoice over what you consider to be the misfortune of others, you deserve nothing better than what you called 'venom'. but before you rejoice over the provision of N18B by zenith, wait for other banks report.

Thanks Floriana, we have got to differentiate speaking with facts from mere exhibition of longstanding pathological hatred.