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  • 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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