Zenith Bank earnings beat lifts share price as lender proposes dividend

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Zenith Bank

Zenith Bank earnings beat lifts share price as lender proposes N2.50 dividend

The share price of the Zenith Bank Plc reacted positively to the group earnings performance for the financial year 2019.

The bank has reported 7.9% increase in profit for the year from N193.4 billion in 2018 to N208.8 billion.

In the group audited financial statement submitted to the Nigerian Stock Exchange, lender reported an increase in gross earnings.

At the close of the trading session, Zenith’s share price jumps 45 kobo amidst upbeat earnings release, push market capitalisation of the bank to N623.22 billion on Friday.

Today’s gain widened lender’s year to date return to 6.15%, thus outperformed market return.

The lender’s gross revenue grew by 5.06% to N662.3 billion in 2019, up from N630.3 billion during the comparable period in 2018.

However, net interest income decreased by 9.7% to N267 billion, down from N295.6 billion that was recorded during the preceding year.

The group profit before tax ( PBT) for the period under review stood at N243.3 billion, indicating a 5.0% increase when compared to N231.7 billion that was recorded in 2018.

At the bottom line, profit for the year increased by 7.9% to N208.8 billion, up from N193.4 billion in 2018.

A final dividend of N2.50k per share will be paid to shareholders whose names appear in the register of members as at the close of business on the 9th day of March 2020.

Zenith Bank earnings beat lifts share price as lender proposes N2.50 dividend by Sam Atanbiyi