Zenith Bank plc posted double-digit growth of 10% in gross profit for the year ended December 31, 2021 to N765.6 billion ($1.8 million) from N696.5 billion. naira ($1.6 million) the previous year. Profit after tax was 244.56 billion naira ($587 million).
The bank’s audited financial results attribute the growth, deemed “impressive”, to the 23% year-on-year growth rate noted in non-interest income from 251.7 billion naira ($604 million). at 309 billion naira ($742 million). Added to this is a 2% annual growth in interest income from 420.8 billion naira ($1 billion) in 2021 to 427.6 billion naira ($1.02 billion) previously.
The good performance of the turnover and the cash portfolio also impacted the pre-tax profit which climbed to 280.4 billion naira (673 million dollars) during the period under review, against 255.9 billion naira ($615 million) in 2020, an increase of 10%. Earnings performance is underpinned by impressive growth in all margins, with interest income and trading income all up year-over-year.
The bank will pay a final dividend of N2.80 per share, bringing the total dividend to N3.10 per share.
“In 2022, the group intends to consolidate the gains made the previous year across all business segments and combine industry leadership, innovation and technology to drive better performance and deliver better returns to all stakeholders,” says the group’s memo posted to the Nigeria Exchange Group (NGX).
