Nigeria’s second most capitalised financial institution, Zenith Bank Plc will be distributing N84.8 billion to its shareholders as cash dividend for the 2017 business year.
In a regulatory filing at the Nigerian Stock Exchange, the board of directors of the bank stated that it will be paying a final dividend per share of N2.45. The bank had earlier paid an interim dividend of 25 kobo, bringing total dividend per share to N2.70.
The recommended dividend represents 33.7 per cent increase on N63.42 billion paid for the 2016 business year. The bank had paid a dividend per share of N2.02 in 2016.
The audited report and accounts of Zenith Bank for the year ended December 31, 2017 indicated that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax grew by 29.8 per cent from N156.75 billion to N203.46 billion. Profit after tax rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share jumped from N4.12 in 2016 to N5.66 in 2017.
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