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.

Advertisement

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.’

Advertisement

Facebook Comments
Brand News Day

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.