Zenith declares N129.6bn profit after tax for 2016

Zenith International Bank Plc has declared a profit after tax of N129.65 billion and a final dividend of N1.77 per share for the financial year ended December 31, 2016.

This is contained in the company’s audited report released by the Nigerian Stock Exchange (NSE) on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that this was in contrast with N105.66 billion posted in the preceding period of 2015.

The profit represented an increase of 22.7 per cent when compared with figures for 2015.

Its profit before tax stood at N156.75 against the N125.63 billion declared in 2015.

The bank’s gross earnings grew by 17.4 per cent to N507. 99 billion compared with N432.54 billion recorded in 2015.

Its non-interest income increased by 45.9 per cent to N25.59 billion due to an 809 per cent increase in foreign exchange revaluation gains of N25.6 billion, this however, declined by 10 per cent from the N8.2 billion reported in nine months of 2016.

The impairment loss on financial assets rose significantly by 106.4 per cent to N32.35 billion in 2016 and 34.6 per cent based on quarter-on-quarter to N10.2 billion in the fourth quarter of 2016.

NAN reports that the board of directors proposed a final dividend of N1.77 per share to all its investors against a final dividend of N1.55 per share paid in 2015.

The bank had earlier in 2016 paid a sum of 25k as interim dividend, bringing the total dividend in 2016 to N2.02 per share against N1.80 per share declared in 2015.