BUSINESS

Zenith Bank Loses N34bn After Market Capitalization Depreciates To N767bn

 

Zenith Bank Plc has lost N34 billion w-o-w after its market capitalization depreciated to N767 billion from N802 billion at the end of the week.

Stock Analysts have argued that the depreciation can be attributed to the 4.3% decline in its share price, from N25.55 traded at the end of last week, to N24.55 at the end of this week.

NewsBeatng reports that the bank’s Q3 2022 financial result for the period that ended September revealed that interest income for the period grew by 24.7% to N215.81 billion from N173.114 billion in the corresponding period of 2021.

Profit after tax for the period also grew by 15.5% from N54.475 billion in 2021 to N62.924 billion in the current period.

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