Zenith Bank reports N105.7 billion in profits

15 Mar 2016
Chibuike Oguh


Zenith Bank’s total assets rose 6.3 percent to N4.01 trillion in 2015.

Peter Amangbo, Group Managing Director, Zenith Bank Plc

Zenith Bank Plc, one of Nigeria’s largest banks, has reported that its after-tax profits rose by 6 percent year-on-year for the full year ended on December 31, 2015.

According to the bank’s audited financial statement released at the Nigerian Stock Exchange on Tuesday, after-tax profits rose to N105.66 billion in 2015, compared to N99.46 billion reported in 2014.

Zenith Bank’s gross earnings rose 7.2 percent to N432.54 billion last year, compared to N403.34 billion the bank recorded in 2014. The bank’s total assets rose 6.3 percent to N4.01 trillion in 2015, from N3.76 trillion in 2014.

The results also show that Zenith Bank’s non-performing loans rose 32 percent to N44.89 billion last year, compared to N30.77 billion the year before. The bank’s loan provisions rose 17 percent to N15.67 billion in 2015.

Zenith Bank’s earnings per share rose to N3.36 kobo per share in 2015, compared to N3.16 kobo per share reported in 2014. The bank has proposed a dividend of N1.55 kobo per share, bringing the total dividend to N1.80 kobo per share after adding the interim dividend.

Fitch, a ratings agency, had earlier revised the stable outlook on three large Nigerian banks – First Bank, GT Bank, and UBA – to negative because of their significant exposures to the oil gas sector, which has been impacted by low oil prices.

However, Fitch retained its stable outlook for Zenith Bank, in addition to six other banks, because of their “intrinsic creditworthiness” and limited reliance on foreign borrowing.

At the close of trading at the NSE on Tuesday, Zenith Bank’s shares fell 0.07 percent to close at N13.3 per share.

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