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Zenith Bank

Zenith Bank posts N174bn profit

Uche Usim, Abuja

Zenith Bank Plc, has posted N174 billion as its gross Profit-Before-Tax for the year ended 2017. The figure is higher than the N140 billion recorded as Profit-Before-Tax in 2016, showing an improvement of 24 per cent. 

Speaking at its 27th Annual General Meeting in Abuja on Friday, the bank’s Chairman, Jim Ovia revealed that the bank’s Profit-After-Tax rose by 32 per cent, from N119 billion in 2016 to N157 billion in 2017.

He described the performance as impressive considering the fact that 2017 was particularly a turbulent financial year due to recession and other vagaries that jolted all spheres of the economy.

He listed total deposits received within the year-ended December 31, 2017 at N2.74 trillion, representing an eight per cent increase over the previous year’s figure of N2.55trillion.

Within the period under review, total assets of the bank grew from N4.28trillion to N4.83trillion, representing 13 per cent. On the other hand, Zenith Bank’s shareholders’ fund also rose by 15 per cent, representing an increase from N616billion in 2016 to N708billion in 2017.

The bank also posted positive gross earnings within the same year. For example, its gross earnings grew by 48 per cent from N455billion in 2016 to N674billion in 2017, showing strength over its folks.

Ovia said: “Zenith Bank remains committed to delivering superior returns to shareholders. In clear demonstration of this, we have declared and paid them an interim dividend of 25kobo per share in the course of the 2017 financial year”.

After short deliberations on the report of the bank, the shareholders unanimously approved with a vote of no objection for the sharing of final dividend of 245kobo per share that was proposed by the Board. The amount that was approved brings the total dividend for the year ended to 270kobo per share as against 202kobo per share that was paid the previous year.

As a group, the performance indices were no less impressive. The group’s Profit-Before-Tax grew by 30 per cent – from N157billion in 2016 to 203billion in 2017. Profit-After-Tax also grew from N130billion in 2018 to N178billion in 2017, representing 37 per cent growth rate.

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