Zenith Bank grows total assets to N20.4trn

Folashade Adeniran
Apr, Tue, 2024

Banking

Zenith Bank grows total assets to N20.4trn

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By Rukayat Adeyemi

Zenith Bank Plc says its total assets grew to N20.368 trillion for the year ended Dec. 31, 2023.

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

This represents an increase of 65.78 per cent when compared to N12.286 trillion recorded in the same period of 2022.

The bank’s Profit Before Tax (PBT) increased by 179.63 per cent in the year ended 2023 to N795.962 billion, compared to N284.65 billion recorded in 2022.

Its Profit After Tax (PAT) for the year under review stood at N676.909 billion as against N223.911 billion posted in the previous year, representing an increase of 202.31 per cent.

Also, the bank’s gross earnings, which closed at N945.554 billion in the 2022 financial year, rose to N2.131 trillion as at Dec. 31, 2023, indicating an increase of 125.35 per cent.

The bank’s total liabilities rose to N18.045 billion during the year under review, representing an increase of 66.06 per cent, against N10.906 billion posted in year 2022.

Meanwhile, its Board of Directors has proposed to pay shareholders a total dividend per share of N3.50 from the retained earnings accounts as at Dec. 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 witholding tax rate of 10 per cent in the hands of qualified recipients. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa and Emmanuel Afonne

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