Zenith Bank directors happy with 2018 financial reports

Zenith Bank is largest bank in Nigeria by customer deposits

  – Says results show exceptional financial health

Zenith Bank happy with 2018 financial reports – Zenith Bank directors has said Steady and sustained growth in key performance indicators despite challenging operating environment show the exceptionally good financial health of the bank.

At the annual general meeting yesterday in Lagos, Chairman, Zenith Bank Plc, Mr Jim Ovia, said the 2018 business year was a challenging year for all operators in the Nigerian banking industry.

He said the bank was able to fully explore opportunities within the environment to record a performance that attested to its durability and resilience as a brand.

According to him, the 2018 performance was again a reflection of the exceptional financial health of the bank and the group.

He assured that the bank remained committed to delivering superior returns to shareholders by ensuring that a good chunk of its profits is set aside for shareholders.

Shareholders approved a final dividend per share of N2 .50 in addition to the interim dividend per share of 30 kobo, bringing total dividend for the 2018 business year to N2.80, as against N2.70 paid for the 2017 business year. Shareholders received N 87.91 billion as total dividend in 2018 compared with N84 .77 billion paid in 2017.

Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed that the bank’s gross earnings slipped from N 674 billion in 2017 to N538 billion in 2018. Meanwhile, profit before tax rose by 13 .6 per cent from N169 billion in 2017 to N192 billion in 2018. Profit after tax also rose by 7.8 per cent from N153 billion in 2017 to N165 billion in 2018.

The balance sheet showed that total deposit rose by 2.9 per cent from N2.74 trillion to N2.82 trillion. Total assets increased marginally by 2.7 per cent from N 4.83 trillion to N 4 .96 trillion. Shareholders ’ fund however dropped from N698 billion to N675 billion.

Group audited report showed that group profit before tax rose by 16 .6 per cent from N199 billion to N232 billion. Group profit after tax improved by 10 .9 per cent from N174 billion to N193 billion.

In his remarks, Managing Director, Zenith Bank Plc, Mr Peter Amangbo, said the bank would continue to place a high premium on developing a robust risk management framework which had helped in promoting the soundness of the financial institution in protecting its assets and ensuring its growth.

“We are committed to entrenching a robust enterprise risk management, global best practices in corporate governance and sustainability in the coming year,” Amangbo said.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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