Saturday, October 23, 2021

    Zenith Bank grows profit by 10.4% to N231b in 2020, proposes N2.70 per share dividend

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    Zenith Bank Plc, Nigeria’s leading bank has released its financial statements and independent auditor’s report for the year ended December 31, 2020 with the group gross earnings growing by 5.2% to N696.450 billion from N662.251 billion in 2019.

    While profit before tax increased by 5.2% to N255.861 billion from N243.294 billion in 2019, profit after tax rose by 10.4% to N230.565 billion from N208.843 billion in 2019.

    Meanwhile, the board of directors has proposed a final dividend of N2.70 per share which in addition to the N0.30 per share as interim dividend amounts to N3.00 per share (2019: Interim dividend of N0.30 per share and a final dividend of N2.50 per share) from the retained earnings account as at December 31, 2020.

    The Bank was incorporated in Nigeria under the Companies and Allied Matters Act as a private limited liability company on 30 May,1990. It was granted a banking licence in June 1990, to carry on the business of commercial banking and commenced business on June 16, 1990.

    The Bank was converted into a Public Limited Liability Company on 20 May 2004. The Bank’s shares were listed on the floor of the Nigerian Stock Exchange on 21 October 2004.

    In August 2015, the Bank was admitted into the premium Board of the Nigerian Stock Exchange. The Bank is also listed on the London Stock Exchange.

    The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Such services include obtaining deposits from the public, granting of loans and advances, corporate finance and money market activities.

    The Bank has six subsidiary companies namely, Zenith Bank (Ghana) Limited, Zenith Pensions Custodian Limited, Zenith Bank (UK) Limited, Zenith Bank (Sierra Leone) Limited, Zenith Bank (The Gambia) Limited and Zenith Nominees Limited.

    During the year, the Bank opened six new branches and no branch was closed.

    As at December 31, 2020 the Group had 436 branches, 177 cash centers; 2,042 ATM terminals; 83,766 POS terminals and 9,905,449 cards issued to its customers. (December 31, 2019: 430 branches, 178 cash centers, 2,093 ATM terminals, 50,427 POS terminals and 7,745,176 cards issued).

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