Zenith Bank Plc reports 65.78% growth, proposes ₦3.50 dividend

The bank’s PBT increased by 179.63% in the year ended 2023 to ₦795.962m, compared to ₦284.65m recorded in 2022.

Zenith Bank Plc, says its total assets grew to ₦20.368 billion for the year ended December 31, 2023.

Michael Otu, the Company Secretary of Zenith Bank, said this in the bank’s audited results for the year ended December 31, 2023, sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

This represents an increase of 65.78% when compared to ₦12.286 billion recorded in the same period of 2022. The bank’s Profit Before Tax (PBT) increased by 179.63% in the year ended 2023 to ₦795.962 million, compared to ₦284.65 million recorded in 2022.

Its Profit After Tax (PAT) for the year under review stood at ₦676.909 million against ₦223.911 million posted in the previous year, representing an increase of 202.31%. Also, the bank’s gross earnings, which closed at ₦945.554 million in the 2022 financial year, rose to ₦2.131 billion as of December 31, 2023, indicating an increase of 125.35%.

The bank’s total liabilities rose to ₦18.045 billion during the year under review, representing an increase of 66.06%, against ₦10.906 billion posted in the year 2022. Meanwhile, its Board of Directors has proposed to pay shareholders a total dividend per share of ₦3.50 from the retained earnings accounts as of December 31, 2023.

The dividend will be presented for ratification by the shareholders at the next Annual General Meeting(AGM) of the bank. The directors said the payment of dividends is subject to a withholding tax rate of 10% in the hands of qualified recipients.