- Zenith Bank Declares N9.42b Interim Dividend
The board of directors of Zenith Bank Plc has approved distribution of N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018.
The breakdown of the interim dividend indicates a dividend per share of 30 kobo, 20 per cent above 25 kobo paid as interim dividend for the first half of 2017. The bank had distributed N7.5 billion as interim dividend for the first half of 2017.
Key extracts of the audited report and accounts of the bank for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed 15.3 per cent decline in gross earnings and a modest growth of 8.5 per cent in net profit after tax. Profit after tax rose to N81.7 billion in first half 2018 as against N75.3 billion recorded in comparable period of 2017. Profit before tax rose from N92.2 billion to N107.4 billion. Gross earnings declined to N322.2 billion as against N380.4 billion.
Zenith Bank had distributed N84.8 billion to shareholders as cash dividend for the 2017 business year, representing 33.7 per cent increase on N63.42 billion paid for the 2016 business year. Shareholders received a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70 for the 2017 business year.
The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.
Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2017 showed that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax increased from N156.75 billion to N203.46 billion. After taxes, net profit rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share thus improved from N4.12 in 2016 to N5.66 in 2017.
