Analysts say Zenith Bank’s audited half year result shows efficiency

Analysts have lauded Zenith Bank Plc for publishing its half year audited financial result, saying it shows the efficiency of the bank.

They claimed it helps investors to have better insight into the bank’s performance as they don’t need to wait till the end of the financial year to have an audited account of the lender.

Dr. Uju Ogbunika, President of Bank Customers of Nigeria (BCAN) and former registrar, Charted Institute of Bankers of Nigeria (CIBN), said the publication of audited half year financial result would help educate interested parties what the position of the institution is.

“You don’t have to wait a whole year before you know what an institution that you have invested money in looks like,” he added.

Collaborating this, Mr. Emma Nwosu, former Managing Director, ACB International, said although it is obligatory for every quoted company to publish its half year result, Zenith Bank’s decision to take it further by auditing its H1 result was a good development, even though it was not a legal requirement.

“What is mandatory for it to publish is its full year audited account.

If it decides to publish a half year audited result, it is a mark of efficiency, because an audited result is more authentic than an unaudited one,” he added.

The former bank boss said this is so because an external auditor has come in to scrutinize its records if they conform to requirements.

He opined that Zenith Bank was trying to set new standards by publishing its audited half year result.

Mr. Isaac Akinmusere, Executive Consultant, Olusola Adekanola & Co, added that would enable investors track bank’s performance.

He argued that the publication of an audited half year result would only add minimal cost to the bank’s operating cost, because the bulk of the job would be done internally.