Zenith Bank Plc has posted a profit after tax (PAT) N208.8
billion in its 2019 operations, against N193 billion recorded in the
corresponding period in 2018.
Specifically, the bank’s audited result for the year ended
December 31, 2019, showed eight per cent rise in profit to N208.8 billion from
the N193 billion recorded the previous year.
Similarly, its gross earnings rose from N630.3 billion to
N662.3 billion, representing an increase of five per cent.
According to the bank, the growth was driven by the 29 per
cent increase in non-interest income from N179.9 billion in 2018 to N231.1
billion in 2019.
Its Profit before tax also increased by five per cent from
N232 billion to N243 billion in the current year, arising from top line growth
and continued focus on cost optimisation strategies, while cost-to-income ratio
moderated from 49.3 per cent to 48.8 per cent.
Furthermore, the group created new viable risk assets as
gross loans grew by 22 per cent from N2.016 trillion to N2.462 trillion.
The Bank said: “This was executed prudently at a low cost of
risk of 1.1 per cent and a significant reduction in the non-performing loan
ratio from 4.98 per cent to 4.30 per cent.
“Prudential ratios such as liquidity and capital adequacy
ratios also remained above regulatory thresholds at 57.3 per cent and 22.0 per
cent respectively.
“In demonstration of its commitment to its shareholders, the
bank has announced a proposed final dividend pay-out of N2.50 per share,
bringing the total dividend to N2.80 per share.”
The bank said it is strategically-positioned to capture the
opportunities in the corporate and retail segments, while efficiently managing
costs and expanding further its retail franchise employing digital assets and
innovation this year.
