Zenith Bank Reports Jump in Profit, Beats Other Big Nigerian Banks
By Sahabi Abdul
Zenith Bank Plc, one of Nigeria’s top banks, reported a post-tax profit of 244.5 billion naira in 2021, a 6 percent percent jump from the previous year, according to annual results posted on the website of the Nigerian Stock Exchange.
Gross earnings also rose 9.9 percent as earnings per share improved to 7.78 naira from 7.34 naira a year before, prompting the bank’s directors to propose “a final dividend of 2.80 naira per share, which in addition to the 0.30 naira per share as interim dividend amounts to 3.10 naira per share,” according to the statement. Dividend payments are subject to 10 percent withholding tax.
Zenith saw a surge in deposits which grew 21 percent during the year under consideration to 6.4 trillion naira, adding some 14.4 percent to its total assets now at 9.4 trillion naira. The performance bucks the trend of poor results recorded by other big banks such as Guaranty Trust Bank, Stanbic IBTC and First Bank.
The bank was operating 441 branches, 188 cash centers, 2,086 automated teller terminals, 163.532 POS terminals with 14.74 million cards held by customers at the end of December. It has units in Ghana, Sierra Leone and Gambia. “During the year, the Bank did not open any new branch and neither was any existing branch closed,” Zenith said in its statement.