Zenith Bank declares N785.19bn gross earnings in 2017

News

Zenith Bank has announced gross earnings of N745.19 billion for the financial year ended Dec. 31, 2017.

The News Agency of Nigeria (NAN) reports that the figure represented a growth of 46.69 per cent over N507.99 billion posted in 2016.

The company also announced a final dividend of N2.45 per share, amounting to N21.08 billion for the financial year ended Dec 31, 2017.

NAN reports that the dividend, to be ratified by the bank’s shareholders at the next Annual General Meeting (AGM). would bring the total dividend for the year to N2.70 against N1.70 paid in 2016.

Profit before tax stood at N203.41 billion in contrast to the N156.75 billion posted in 2016, an increase of 29.8 per cent.

The bank’s impairment loss on financial assets rose three-fold to N98.23 billon from N32.35 billion in 2016.

Fee and commission income rose to N90.143 billion from N68.44 billion in 2016.

Other operating income dropped slightly to N22.44 billion from N26.59 billion, depreciation of property and equipment increased to N12.43 billion from N9.68 billion in 2016.

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