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.
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.
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.
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.’
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