Zenith Bank’s assets hit N20.4trn, lender posts N795.9bn profit

Zenith Bank Plc has declared that its total assets increase to N20.368 trillion in the year 2023.

The Company Secretary of Zenith Bank, Michael Otu, said this in the bank’s audited results for 2023 sent to the Nigerian Exchange Limited (NGX) on Monday, April 8, 2024.

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

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

Zenith Bank’s Profit After Tax (PAT) for the year under review stood at N676.909 million against N223.911 million posted in the previous year, representing an increase of 202.31 per cent.

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Also, the bank’s gross earnings, which closed at N945.554 billion in the 2022 financial year, rose to N2.131 trillion as of December 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 the year 2022.

Meanwhile, Zenith Bank’s Board of Directors has proposed to pay shareholders a total dividend per share of N3.20 from the retained earnings accounts as of December 31, 2023.

The dividend will be presented for ratification by the shareholders at the next Annual General Meeting (AGM) of Zenith Bank.

The directors said the payment of dividends is subject to withholding tax rate of 10 per cent in the hands of qualified recipients.

The Star