Zenith Bank’s gross earnings drops to N630.34bn in 2018

Zenith International Bank Plc on Tuesday became the first bank to announce its 2018 audited result, declaring a drop in gross earnings.

Our correspondent reports that the bank’s audited result releases by the Nigerian Stock Exchange (NSE) showed that its gross earnings dropped to N630.34 billion against N745.19 billion in 2017.

This represents a decrease of 15.41 per cent.

The bank’s profit after tax stood at N193.15 billion from N172.47 billion recorded in the comparative period of 2017, indicating an increase of 11.99 per cent.

Profit before tax also increased to N231.69 billion from N199.32 billion in 2017.

Net interest income improved to N295.594 billion compared with N257.991 billion in 2017.

However, impairment charges was reduced from N98.29 billion in 2017 to N18.37 billion in 2018.

Similarly, the bank reduced operating expenses from N144.893 billion to N137.897 billion.

The directors had proposed a final dividend of N2.50 per share in addition to the 30k per share paid as interim dividend amounting to N2.80 per share, compared with N2.70 paid in 2017.

The qualification date for dividend is March 8, 2019, while Annual General Meeting and dividend payment date is March 19.

A further analysis of the results showed that Zenith Bank Plc was cautious in loans advancement to customers in 2018.

Loans and advancements fell from N1.82 trillion, as against N2.1 trillion in 2017.

The customers deposit increased from N3.44 trillion to N3.69 trillion during the period under review.