One of the five biggest banks in Nigeria, Zenith Bank Plc, has released its financial statements for the year ended December 31, 2017.

In its earnings for the year, the company declared a profit after tax of N177.9 billion compared with N129.7 billion recorded in 2016 fiscal year, indicating about 38 percent rise in the period under review.

The lender revealed that last year, its gross earnings stood at N745.2 billion against N508 billion achieved two years ago.

In addition, its net interest income increased by 7.42 percent, closing at N258 billion in contrast to N240.2 billion two years ago.

However, its impairment charge for financial assets closed on December 31, 2017 at negative N98.2 billion against negative N32.4 billion it ended on December 31, 2016.

Also, its net interest income after impairment charges finished last year at N159.8 billion compared with N207.8 billion, indicating a decline by 23.13 percent.

In the financial statements, Zenith Bank recorded a profit before tax of N203.5 billion during the period under review against N156.8 billion it posted two years go.

A look at bank’s balance sheet showed that its total asset stood at N4 trillion in the 2017 fiscal year against N3.8 trillion achieved in the 2016 financial year.

Also, its total liabilities grew by 6.6 percent to N3.4 trillion from N3.2 trillion, while the shareholders’ fund appreciated by 7.6 percent to N594.3 billion last year from N552.6 billion two years ago.

In addition, its Earning Per Share (EPS) closed at N5.66k in 2017 compared with N4.12k in 2016.

Business Post reports that as a way of rewarding its shareholders, the board of Zenith Bank has proposed a dividend payment of N2.45k per share against N1.77k per share declared in 2016.

This is expected to be approved by shareholders of the firm at the Annual General Meeting (AGM) scheduled for Friday, April 13, 2018 at the Shehu Musa Yar’Adua Centre, Abuja by 10am with the payment also on that day.

Zenith Bank said the register of shareholders will be closed from April 4, 2018 to April 9, 2018 with the dividend paid to shareholders whose names appear in the register of members as at the close of business on April 3, 2018.

Source: Business Post