ZENITH BANK DODGES RECESSION, DECLARES N129B PROFIT

In a recession year, Zenith International Bank Plc has managed to stay afloat, declared a profit after tax of N129.65 billion and a final dividend of N1.77 per share for 2016.

The company’s audited account released by the Nigerian Stock Exchange (NSE) on Monday in Lagos showed the bank grew its profit by 22.7 per cent, compared with the N105.66 billion profit in 2015.

The bank’s profit before tax stood at N156.75 against the N125.63 billion declared in 2015. Its gross earnings grew by 17.4 per cent to N507. 99 billion compared with N432.54 billion recorded in 2015.

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.

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.

Zenith Bank is the first bank to declare its 2016 audited result.

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