Business & Economy
Zenith Bank Grew PAT By 10.58%…Declared N3.00 Total Dividend
Zenith Bank Plc released the 2020 full year financials showing a 3.84% increase in gross earnings, Brandnewsday confirmed.
As the Nigerian Bank grew PAT, it witnessed a significant 18.45% drop in interest expense lifted net interest performance by 12.23% despite a marginal 1.26% increase in interest income.
Distinctly, Zenith bank generated N420.81bn interest income compared to the N415.56bn realized in FY-2019. Hence, net interest income advanced from N267.03bn to N299.68bn in the current period.
Impairment Charges on the Rise
Zenith Bank impairment charges surge by 64.51% from N24.03bn to N39.53bn following deteriorating level of business environment caused by COVID 19. Consequently, net interest income discounted for impairment grew by 7.06% from N243.00bn to N260.15bn.
Zenith Bank Grew PAT By 10.58%…Declared N3.00 Total Dividend
A noticeable 20.75% declined was also recorded in net fees and commission income followed by a 30.60% increase in other Non-interest income. Other Non-Interest income was buoyed by the N121.68bn generated as trading gains compared to the N117.80bn realized in 2019.
EPS grew by 10.53%… An N3.00 Total Dividend Declared
Following impressive topline performance, Profit before tax (PBT) and Profit After Tax (PAT) advanced by 5.17% and 10.58% respectively. Notably, Zenith Bank made N230.57bn PAT compared to the N208.84bn generated in 2019. Consequently, EPS advanced by 10.53 from N6.65 to N7.35. The bank declared a N3.00 total dividend. This translates to a dividend yield of 11.54% based on the current market price of N26.00.’