Zenith Bank records N208bn PAT, fetes shareholders

Zenith Bank Plc has recorded N208bn profit after tax for the close of the 2019 business year. This represents an increase of about N43bn from the previous financial year ending of N165 in 2018.

In the year under review, the gross earnings of the large financial service provider in Nigeria and Anglophone West Africa increased by five per cent to N565bn in 2019 from N538 billion in the previous year.

While the bank’s total assets grew by 9.7 per cent from N4.96tr to N5.44tr, the shareholders’ fund also grew from N675bn to N799bn marking a 15.4 per cent rise.

Speaking at the bank’s Annual General Meeting in Abuja, the chairman, Jim Ovia, told shareholders that the posting showed that the bank was well managed amid challenges.

“The year 2019 was very challenging for operators in the Nigerian banking industry.

“Notwithstanding the challenges, we were able to leverage the inherent opportunities within the business environment and record a performance which further attests to our resilience as a brand.

“The result is a manifestation of the remarkable financial health of the bank and the group,” he stated.

Meanwhile, shareholders were rewarded with a bounty dividend of N2.80k per share.

Ovia added, “The shareholders have every cause to be happy because of the bounty rewards we are giving them.

“On the whole, we are giving them a dividend of N2.80 which translates to a dividend yield of over 14 per cent, and when you look at it vis-à-vis the current share price, you are looking at a dividend of 15 per cent per annum.”

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