Zenith Bank Profit After Tax rise by 7.6%

zenith ibrandtv

Zenith Bank Plc has posted a Profit After Tax, PAT, of N178 billion for its 2019 financial year.

This according to the company represents about 7.6 percent increase compared to the N165 billion recorded in 2018.

Speaking to shareholders at its 29th Annual General Meeting, in Abuja, the Chairman of Zenith Bank, Jim Ovia, stated that the bank’s performance was exceptional, adding that it was an indication that the bank was a clear leader in the industry.

The bank’s  gross earnings grew by 5 percent from N538 billion in 2018 to N565 billion in 2019. Its total  assets during the period under review grew by 9.7 percent from N4.96 trillion to N5.44 trillion; while shareholders’ fund rose by 15.4 percent from N675 billion to N779 billion.

Shareholders went home with a N2.8 per share dividend

Ovia said:  ” The year 2019 was a very challenging year for operators in the Nigerian banking industry because of several factors in the global and domestic environment.

”Notwithstanding the challenges, we were able to leverage the inherent opportunities within the business environment and record a performance which further attests to our resilience as a brand”.
“The result is a manifestation of the remarkable financial health of the bank and the group.  The shareholders have every cause to be happy because of the bounty rewards we are giving to them.

”On the whole, we are giving them a dividends of N 2.80 Kobo which translates to a dividend yield of over 14 per cent. And when you look at it vis-à-vis the current share price, you are looking at a dividends of 15 per cent per annum.

”We have also assured the shareholders that no matter the challenges operating in the external environment, the bank will continue to be efficiently managed; we will create value and we won’t be reckless because we want to comply with loan to deposit ratio.
.“We will also continue to remain ethical and focused, so shareholders have reasons to be happy.”
The Group Managing Director of the bank, Mr.  Ebenezer Onyeagu, d000000escribed the N2.8 dividend as a “bounty” and that the shareholders were very pleased with the board and management of the organization.

He said:  “The shareholders have every cause to be happy because of the bounty rewards we are giving to them.

“On the whole, we are giving them dividends of N2.80 per share, which translate to a dividend yield of over 14 per cent. And when you look at it vis-à-vis the current share price, you are looking at a dividend of 15 per cent per annum.

“We have also assured the shareholders that no matter the challenges in the operating environment, the bank will continue to be efficiently managed, we will create value and we won’t be reckless because we want to comply with the regulation on the Loan/Deposit ratio.

“We will also continue to remain ethical and focused, so shareholders have reasons to be happy.”

On Coronavirus

Mr. Onyeagu said since the outbreak of the coronavirus, his organization had made health a priority in its operations.

He said:  “With regards to the coronavirus, it is a global pandemic and it is not peculiar to Nigeria, and what we have done as a bank is that we have made the health and safety of our staff a priority. We have elevated our health and safety protocol. So we are taking health precautionary measures.”

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