BREAKING: Zenith Bank Reports Record Profit Of N244.5 Billion In 2021

BREAKING: Zenith Bank Reports Record Profit Of N244.5 Billion In 2021—The Genius Media Nigeria reports that Zenith Bank Plc has released its 2021 full-year audited financial statement reporting a profit after tax of N244.5 billion the highest on record. This reflects a 6.07% increase year on year.

The bank also reported earnings per share of N7.79 6% higher than the N7.34 reported a year earlier. Zenith Bank has now grown its earnings per share every year since 2016. It has now taken Zenith Bank about 6 years to double its profits after first hitting N124 billion in profits in 2016.

The statement revealed a 7.05% growth in Interest Income from N420.81 billion to N427.60 billion in the current period. Zenith Bank’s profit performance is on the back of an impressive all margin growth as income from interest and trading income all rose year on year.

 

Key highlights of its results

• Net Interest income which it earns from its lending business rose 7% to N320.8 billion.
• However, a 51.6% spike in loan losses meant net interest after impairments was flat at just N260.8 billion.
• Zenith Bank, however, made up for it with income from commission and fees rising 31% to N103.9 billion year on year. It also raked in N167.4 billion in net trading income representing a 37.6% increase year on year.
• Zenith Bank also grew its deposits by a whopping 21.2% to N6.4 trillion while its total assets is now N9.4 trillion. Net assets rose 14.4% to N1.27 trillion.
• Zenith Bank Plc last traded at N27.10 per share and its market capitalization stands at N850.84 billion as at Monday, February 28, 2021. Year-to-date performance shows that the share price of the company has gained 7.75%.
• The bank has proposed a dividend per share of N2.8 per share up from N2.7 per share a year ago. Based on its current share price, Zenith Bank’s dividend yield is about 10%.