Business
Zenith Bank Reports Profit After Tax of N193bn For 2018
- Zenith Bank Reports Profit After Tax of N193bn For 2018
Zenith Bank Plc grows Profit After Tax to N193 billion in 2018, up from N173 billion filed in 2017.
The full financial results filed to the Nigerian Stock Exchange showed the lender declared a final dividend of N2.50 per share.
A further breakdown of the result revealed that funding income rose by 19 per cent year-on-year. While Operating expenses and provisions declined by 17 per cent and 92 per cent, respectively.
On a yearly basis, funding income growth rose to N295.6 billion, partly due to the double-digit decline in funding expenses.
Non-interest income, however, dropped by 32 per cent due to derivative losses of N16.8 billion, compared with gains of N67.7 billion recorded in the 2017 financial year.
Also, gross earnings declined from N745 billion in 2017 to N630 billion in 2018.
Still, earnings per share climbed from N5.53 in 2017 to N6.15 in 2018. The bank shares have gained 8.2 percent so far this year.
Currently, the bank shares are trading at N24.75 as of Tuesday.