Zenith International Bank Plc yesterday at it Annual General Meeting declared a profit after tax of N129.65 billion which is far above the N105.663 billion it made in 2015. In percentage terms, the bank grew its profit by 23 per cent in a depressed economy. The bank’s gross earnings, despite the difficult operating environment, grew by 17.4 per cent to N507.99 billion compared with N432.54 billion recorded in the previous financial year. Zenith Bank’s profit before tax stood at N156.75 against the N125.63 billion declared in 2015.
The bank’s loans and advances inched up to N2.289 trillion in 2016 as against the N1.98 trillion in its books in 2015. The bank’s market share measured by deposit liability grew by 17 per cent from N2.557 trillion in 2015 financial year to N2.983 trillion.
Shareholders fund also expanded from N594 billion in 2015 to N704 billion in 2016. This show a record 19 per cent increase in shareholders holding in the bank. The bank total Asset leaped to N8.073 trillion from its book record of N7.159 trillion in 2015.
The bank declared a final dividend of N1.77 per share for the financial year ended December 31, 2016.
The Chairman of the Bank speaking to shareholders at the AGM said “Zenith Bank remains committed to delivering superior returns to our much valued shareholders: and this, we once again demonstrate by ensuring that a good chunk of our profit is set aside for you. In this regard, we have declared and paid you an interim dividend of 25kobo per share in the course of the 2016 financial year. We here by propose a final dividend of 177 kobo per share. This brings the total dividend for the year ended December 31, 2016 to 202 kobo per share as against the 180 kobo per share that was paid the previous year”.
The profit represented an increase of 22.7 per cent when compared with figures for 2015. Zenith Bank’s 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 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.
