Zenith Bank hits 22.7 per cent increase in profit *Nets N129.65billion News

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Zenith Bank hits 22.7 per cent increase in profit *Nets N129.65billion

By Editor on 27/02/2017

Shareholders of Zenith International Bank Plc, are going home with N1.77 dividends per share, for the year ended December 31, 2016, following a declaration of profit after tax of N129.65 billion.

News Agency of Nigeria (NAN), which reports that the figure is contained in the company’s audited result report released by the Nigerian Stock Exchange (NSE) on Monday in Lagos, added that this was in contrast with N105.66 billion posted in the preceding period of 2015.

The profit which represented an increase of N31.12billion or 22.7 per cent when compared with figures for 2015, showed the bank declaring a profit before of N156.75 against the N125.63 billion declared in 2015.

The bank’s gross earnings grew by 17.4 per cent to N507. 99 billion compared with N432.54 billion recorded in 2015.

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Its non-interest income increased by 45.9 per cent to N25.59 billion due to an 809 per cent increase in foreign exchange revaluation gains of N25.6 billion, this however, declined by 10 per cent from the N8.2 billion reported in nine months of 2016.

The impairment loss on financial assets rose significantly by 106.4 per cent to N32.35 billion in 2016 and 34.6 per cent based on quarter-on-quarter to N10.2 billion in the fourth quarter of 2016.

NAN reports that the board of directors proposed a final dividend of N1.77 per share to all its investors against a final dividend of N1.55 per share paid in 2015.

The bank had earlier in 2016 paid a sum of 25k as interim dividend, bringing the total dividend in 2016 to N2.02 per share against N1.80 per share declared in 2015.

NAN also reports that Zenith Bank is the first bank to declare its 2016 audited result.

Source NAN

Posted on February, 27 2017

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