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Zenith Bank posts N174bn profit

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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”.

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Tony is an English and Literary Studies graduate from the University of Lagos. His hobbies include reading, football, swimming and writing. Tony is a lifelong fan of Manchester United and could read Jeffrey Archer and John Grisham’s novels the whole day without even taking a meal. Reach him at 08167677075 and 08185801508.

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