Zenith Bank profit hits N230.6 billion

 … Shareholders to earn N94.19 billion dividend

By: JIMI DAVID

Leading Deposits Money Bank, Zenith Bank Plc is set to pay shareholders N94.19 billion as total dividend, meaning N3 per share for the 2020 financial year following the approval of its stockholders last week.

 Last year, Zenith Bank paid shareholders an interim dividend of N0.30 per share, summing up to N9.42 billion.

The bank later paid N2.80 as total dividend per share for the penultimate year, meaning its dividend for 2020 was a 7.14 per cent leap over the figure for the year before.

“Despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic, the group’s gross earnings rose by 5 per cent to N696.5 billion from N662.3 billion reported in the previous year, with an 8 per cent growth in non-interest income from NGN232.1 billion in 2019 to NGN251.7 billion in 2020 and a 1 per cent increase in interest income from NGN415.6 billion in 2019 to NGN420.8 billion in 2020,” it said in a press statement.

Zenith Bank’s profit for the year rose by 10.4 per cent to N230.57 billion from N208.84 billion, according to its audited earnings report.

In the year under review, total deposit grew by a quarter to N5.34 trillion, while total assets scaled up by 34% from N6.35 trillion to N8.48 trillion.

The N3 per share dividend declared for 2020 according to Jim Ovia, the bank’s chairman and principal shareholder, will receive N15.216 billion for his 11.29 per cent holding equivalent to 3.546 billion shares in the bank.

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