Zenith Bank Reports 7.9% Profit Increase in 2019 Audited Results; Declares N2.50k Final Dividend

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Zenith Bank Reports 7.9% Profit Increase in 2019 Audited Results; Declares N2.50k Final DividendZenith Bank Reports 7.9% Profit Increase in 2019 Audited Results; Declares N2.50k Final Dividend

Key Highlights

  • Revenue grew by 5.1% to N662bn from N630bn in the previous quarter.
  • Profit before tax grew by 5% to N243.3bn.
  • Profit after tax grew by 7.9% to N208.8bn.
  • Net Assets grew by 15.5% to N942bn from N816bn.

Tier-one Nigerian Bank, Zenith Bank Plc has released its audited full-year financial statement for the period ended in December 2019. The result showed fairly positive improvements which include the profit for the period, that increased by 7.9% year on year.

Zenith Bank’s gross revenue increased by 5.06% to N662.3 billion in FY 2019, up from N630.3 billion during the comparable period in 2018. However, net interest income decreased by 9.7% to N267 billion, down from N295.6 billion that was recorded during the preceding year.

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Zenith Bank’s Profit before tax for the period under review stood at N243.3 billion, indicating a 5.0% increase when compared to N231.7 billion that was recorded in FY 2018.

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Profit after tax for the year increased by 7.9% to N208.8 billion, up from N193.4 billion in 2018.

In a notification to the Nigerian Stock Exchange (NSE) on Friday, the bank announced a dividend of N2.50 per share for its shareholders for the year ended December 31, 2019.

The Bank noted that cash reward would be paid to shareholders whose names appear in the register of members as at the close of business on March 9, 2020. The payment is subject to appropriate withholding tax and approval of the company’s investors at the Annual General Meeting (AGM) fixed for March 16, 2020, at the Shehu Musa Yar’Adua Centre in Abuja.

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The dividends would be paid electronically on March 16, 2020, to shareholders whose names appear on the register and have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

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Shareholders who are yet to complete the e-dividend registration to download the registrar’s E-Dividend Mandate Activation Form on their website. The name of Zenith Bank’s registrar is Veritas Registrars Limited located on Ajose Adeogun Street, Victoria Island, Lagos.

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