Saturday, 14 April 2018

BUSINESS: Zenith Bank records N174bn profit in the year 2017

Zenith Bank Plc, has posted N174 billion
as its gross Profit-Before-Tax for the
year ended 2017. The figure is higher
than the N140 billion recorded as Profit-
Before-Tax in 2016, showing an
improvement of 24 per cent.
Speaking at its 27th Annual General
Meeting in Abuja on Friday, the bank’s
Chairman, Jim Ovia revealed that the
bank’s Profit-After-Tax rose by 32 per
cent, from N119 billion in 2016 to N157
billion in 2017.
He described the performance as
impressive considering the fact that 2017
was particularly a turbulent financial year
due to recession and other vagaries that
jolted all spheres of the economy.
He listed total deposits received within the
year-ended December 31, 2017 at N2.74
trillion, representing an eight per cent
increase over the previous year’s figure of
N2.55trillion.
Within the period under review, total
assets of the bank grew from N4.28trillion
to N4.83trillion, representing 13 per cent.
On the other hand, Zenith Bank’s
shareholders’ fund also rose by 15 per
cent, representing an increase from
N616billion in 2016 to N708billion in
2017.
The bank also posted positive gross
earnings within the same year. For
example, its gross earnings grew by 48
per cent from N455billion in 2016 to
N674billion in 2017, showing strength
over its folks.
Ovia said: “Zenith Bank remains
committed to delivering superior returns
to shareholders. In clear demonstration of
this, we have declared and paid them an
interim dividend of 25kobo per share in
the course of the 2017 financial year”.
After short deliberations on the report of
the bank, the shareholders unanimously
approved with a vote of no objection for
the sharing of final dividend of 245kobo
per share that was proposed by the
Board. The amount that was approved
brings the total dividend for the year
ended to 270kobo per share as against
202kobo per share that was paid the
previous year.
As a group, the performance indices were
no less impressive. The group’s Profit-
Before-Tax grew by 30 per cent – from
N157billion in 2016 to 203billion in 2017.
Profit-After-Tax also grew from
N130billion in 2018 to N178billion in
2017, representing 37 per cent growth
rate.

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