Finance
Zenith Bank Grows Profit to N200bn in 2019, First Bank to Cross N200bn
- Zenith Bank Grows Profit to N200bn in 2019, First Bank to Cross N200bn
Zenith Bank Plc, one of Nigeria’s leading banks, reported impressive financial results for the year ended December 31, 2019.
In the financial results released through the Nigerian Stock Exchange on Friday, the lender grew profit after tax from N193 billion in 2018 to N200 billion in 2019, emerging the first bank in the history of the nation to cross N200 billion mark.
Profit before tax rose by 5 percent from N232 billion in the previous year to N243 billion in 2019 while the bank’s gross earnings increased by 5 percent to N662.3 billion, up from N630.3 billion reported a year ago.
Zenith bank attributed the improved performance to 29 percent surged in noninterest income from N179.9 billion in 2018 to N231.1 billion in 2019.
Accordingly, fees on electronic products grew 108 percent to N42.5 billion in the year under review, up from N20.4 billion recorded in 2018.
The lender proposed a dividend payout of N2.50 per share to shareholders, bringing the total dividend for the year to N2.8o per share.