Zenith Bank posts N153b in 9 months

Zenith Bank International Plc rode on the back of increased market share to grow its pre-tax profit by about 31 per cent to N152.5 billion in the third quarter.

The latest earnings report submitted by the bank to the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 40 per cent while net profit also grew by 36 per cent.

The interim report and accounts of the bank for the nine-month period ended September 30, 2017 showed gross earnings of N531.3 billion in 2017 as against N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion. Non-interest income doubled by 123 per cent to N169.5 billion from N94.7 billion.

Zenith Bank grew its profit before tax by 30.8 per cent from N116.6 billion to N152.5 billion while profit after tax rose to N129.2 billion in 2017 compared with N95.4 billion in 2016.

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Also, deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.

Zenith Bank had distributed a total of N63.4 billion to shareholders as cash dividend for the 2016 business year. Gross dividend payout increased from N56.51 billion paid for the 2015 business year to N63.4 billion for the 2016 business year.

Shareholders received a total dividend per share of N2.02 for the 2016 business year as against N1.80 paid for the 2015 business year. The bank, which had earlier paid interim dividend of 25 kobo, paid a final dividend of N1.77 to shareholders on its register as at close of business on March 10, 2017.

The audited report and account for the year ended December 31, 2016 showed that group gross earnings rose by 17.4 per cent from N432.54 billion in 2015 to N508 billion in 2016. Profit before tax also increased by 24.8 per cent from N125.62 billion to N156.75 billion. After taxes, net profit rose from N105.66 billion to N129.65 billion. Consequently, earnings per share increased from N3.36 to N4.12. ​

 

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