Zenith Bank records N31bn half year profit

…Ecobank plans to acquire TTB

Ecobank Transnational Incorporated has said that it has commenced moves to acquire The Trust Bank, TTB, Ghana.

According by a notice from the bank, presented to the Nigerian Stock Exchange, NSE, it intends to acquire significant stake in the bank as parts of its efforts at strengthening its operations in Ghana.

The objective of the transaction, according to the bank, is to combine the business of TTB with that of Ecobank Ghana Limited and position the merged entity as the leading bank in Ghana.

“This strategic transaction which is subject to requisite due diligence, regulatory and corporate approvals is fully in line with Ecobank’s strategy to be a major player in each market where it operates.

“It will bring to Ecobank strong operational synergies, particularly in its network and in terms of complementarities of products, knowledge and know how to better meet the needs of its clients in Ghana,” the notice reads.

Meanwhile, Zenith Bank Plc has announced a profit after tax of N30.67 billion for its half-year 2011 financial performance.

According to its unaudited results for the half year ended, June 30, 2011, presented to the NSE, its profit after tax rose by 43.94 per cent from a profit of N21.305 billion recorded in similar period in 2010.

Its turnover appreciated by 26.83 per cent to N122.839 billion from N96.85 billion recorded in 2010, while it posted a profit before tax of N35.046 billion, rising by 38.32 per cent from N25.336 billion recorded in 2010.

Its net assets for the period under review stood at N367.75 billion from N363.56 billion as at December 31, 2010, its fixed assets stood at N70.11 billion from N67.15 billion recorded in 2010, while its deposits grew to N1.445 trillion from N1.318 trillion in 2010.

Also, Skye Bank, in its unaudited result for the half-year ended, June 30, 2011, recorded a growth of 28.03 per cent in its profit after tax compared to N5.088 billion recorded in the same period in 2010.

It posted gross earnings of N48.932 billion, appreciating by 3.1 per cent from N47.48 billion recorded in 2010, while its profit before tax grew by 29 per cent to N8.287 billion from N6.424 billion recorded in 2010.