Zenith Bank Nets N129.65bn Profit

Zenith Bank Nets N129.65bn Profit

Zenith Bank Plc, on Monday presented in financials for the year ended December 31, 2016, with the board recommending a final dividend of N1.77, which brings to N2.02 per share, considering the 25 kobo interim paid at the end of third quarter.
Specifically, gross earnings rose by N75.462bn or 17.44% from N432.535bn in the 2015 full year to N507.997bn, out of which interest and similar income stood at N384.557bn, up by N36.378bn or 10.44%, from N348.179bn, with interest expenses rising slightly slower at N20.781bn or 16.18% toN144.378bn from N123.597bn.
Net Interest income rose to N240.179bn, as against N224.582bn in 2015, representing a rise of about N15.597bn or 6.94%; just as net interest income after impairment loss on financial assets dropped to N207.829bn from N208.909bn. Fee and commission income rose to N68.444bn from N60.904bn; trading income was better at N28.398bn from N18.15bn; and other income: N26.598bn, up by N21.296bn or 401.65%, compared to the previous N5.302bn. Operating expenses for the period rose to N94.365bn from N89.928bn
Profit Before Tax for the year grew by N31.132bn or 24.78% from N156.748bn from the previous N125.616bn; while Net Profit was up 22.7% from N105.663bn to N129.652bn, representing earnings per share (EPS) of 412 kobo; as against the previous 336 kobo out of which the directors have recommended 202 kobo (meaning that subject to approval at the Annual General Meeting, shareholders will receive 185 kobo as final dividend, as against 180 kobo.
According to the bank’s balance sheet, loans and advances rose to N2.289tr, up by N300.052bn or 15.08% from N1.989tr, out of which ratio of Non-Performing to total loans rose to 3.02% from 2.20%. The loan book growth rate was slightly slower than customer base which improved by N425.737bn or 16.64% to N2.983tr from N2.557tr.
Total Assets rose by N732.983bn or 18.29% to N4.739tr from N4.0tr; just as total liabilities grew by N622.871bn or 18.52%; just as shareholders’ funds jumped by
N110.112bn or 18.52% from N594.353bn in 2015 to last year’s N704.465bn.