Zenith Bank Plc has released its fourth quarter 2016 financial year results which shows a tremendous performance in the bank’s activities for the year.
In the released financial results for the year ended 31st December, 2016, the bank’s gross earnings increased by 17.4% to N507.9 billion. The company recorded NGN432.5 billion in the same period for 2015 financial year.
Consequently, after tax earnings (PAT) grew by 22.7% to N129.7 billion by year on year comparison having recorded N105.7 billion for the previous year. Profit Before Tax is N156.7 billion against N125.6 billion recorded for 2015, this showed 24.8% increase.
Total assets acquired by the bank for the year under review stood at N4.7 trillion, an incremental growth of 18.3 % over N4.0 trillion for 2015, while the Net assets grew by 18.5% to N704.5 billion against N594.4 recorded for same period last financial year.
The bank posted N4.0 trillion in total liabilities for 2016 compared to N3.4 trillion posted in 2015. Despite inflationary pressures, OPEX increased marginally by 4% to N174.5 billion. It recorded N167.9 for same period in 2015. This was driven largely by increases in fuelling and maintenance costs.
Impairment charges, driven by loan loss expenses grew markedly by 106.4% YoY to N32.4 billion in FY’16 as against N15.7 billion recorded in the preceding year. The company recorded operating expenses of NGN94.3 billion in 2016 compared to NGN89.9 billion recorded in 2015.
Following the positive results posted across the different parameters, Zenith Bank also declared a final dividend of N1.77 kobo per share for its shareholders.