Zenith Bank Grows 2023 Net Profit By 202%, Offers N3.50 Final Dividend

Directors of Zenith Bank Plc, on Monday presented its audited financials for the year ended December 31, 2023, showing significant growth in gross earnings and profit, following which a final dividend of N3.50 per share was recommended for approval by shareholders at the next annual general meeting. The recommended final dividend, up from N2.90 in the previous year, brings total payout per share to N4.00 each, from N3.20 each, from Earnings Per Share of N21.55 each from the previous N7.14 per share. The dividend is payable to shareholders whose names appear on the register of members as of close of business on April 25, and payable electronically on May 8, when the meeting holds in Lagos.

Gross earnings for the period grew by N1.186tr or 125.56% to N2.131tr from N945.554bn, while profit after tax growth was even faster from N223.911bn to N676.053bn, representing an increase of N452.142bn or 201.93% for the period.

A breakdown of the result presented through the Nigerian Exchange showed that interest and similar income rose by N604.508bn or 111.91% from N540.166bn in 2022 to N1.144tr, with interest and similar expense jumped to N408.492bn from N174.539bn. Net interest income therefore stood at N736.182bn from N366.627bn.

Impairment charge for the period rose to N409.616bn from N123.252bn; resulting in net interest income after impairment loss on financial and non financial instruments of N326,568bn from N243.375bn.

Net income on fees and commission dropped from N132.795bn to N109.307bn; trading gainst jumped to N566.923bn from N212.679bn; just as other operating income soared to N242.588bn from N35.494bn. Depreciation of property and equipment increased marginally from N26.63bn to N29.857bn’ amortisation of intangible assets stayed flat at N3.469bn from N3.678bn; followed by personnel expenses of N124.415bn from N86.417bn. Operating expenses rose to N291.731bn from N222.972bn; resulting in a profit before tax of N795.962bn from N284.65bn; just as income tax expenses increased to N119.053bn from N60.739bn.

On the balance sheet, Total Assets grew to N20.368tr from N12.285tr in the prior full year, lifted by the N6.556tr in loans and advances, which climbed to N4.013tr. Total liabilities amounted to N18.045tr from N10.906tr, which customer deposits amounting to N15.167tr from N8.975tr