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Zenith Bank First-Half Profits Stall in H1

Net income increases slightly despite enforced fee-cut

Zenith Bank, Nigeria’s third largest bank said profit has stalled in the first half of 2013. The Nigerian Central Bank forced banks to cut fees from the beginning of April which accounts in-part for their results. Bloomberg news reports Godwin Emefiele, CEO of Zenith Bank as saying…

The second quarter of this year was a particularly challenging one, especially with the commencement of the revised bank tariffs on services and products.

Despite the challenges, Zenith recorded a net income of $281.6m in the six months leading up to June 2013.

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