Zenith Bank grows annual profit after tax 7.6% to US$480m

NIGERIAZenith Bank Plc has posted a profit after tax of N178 billion (US$480m) for its 2019 financial year. The figure represents about 7.6 percent increase compared to the N165 billion (US$450m) recorded in 2018.

Chairman of Zenith Bank, Jim Ovia, told shareholders at its 29th Annual General Meeting, in Abuja, that the bank’s performance was exceptional, adding that it was an indication that the bank was a clear leader in the industry.

The bank’s   gross earnings grew by 5 percent from N538 billion (US$100m) in 2018 to N565 billion (US$1.5bn) in 2019.

Its total  assets during the period under review grew by 9.7 percent from N4.96 trillion to N5.44 trillion (US$13.5bn); while shareholders’ fund rose by 15.4 percent from N675 billion (US$1.8bn) to N779 billion (US$2.1bn).

“The year 2019 was a very challenging year for operators in the Nigerian banking industry because of several factors in the global and domestic environment,” Ovia said.

“Notwithstanding the challenges, we were able to leverage the inherent opportunities within the business environment and record a performance which further attests to our resilience as a brand.”

“The result is a manifestation of the remarkable financial health of the bank and the group.  The shareholders have every cause to be happy because of the bounty rewards we are giving to them.

“We have also assured the shareholders that no matter the challenges operating in the external environment, the bank will continue to be efficiently managed; we will create value and we won’t be reckless because we want to comply with loan to deposit ratio.”

“We will also continue to remain ethical and focused, so shareholders have reasons to be happy.”

The Group Managing Director of the bank, Mr. Ebenezer Onyeagu, described the dividend as a “bounty” and that the shareholders were very pleased with the board and management of the organization.

“The shareholders have every cause to be happy because of the bounty rewards we are giving to them,” he said.

“We have also assured the shareholders that no matter the challenges in the operating environment, the bank will continue to be efficiently managed, we will create value and we won’t be reckless because we want to comply with the regulation on the Loan/Deposit ratio.”

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