By Chinwendu Obienyi
Despite the challenging environment for the Nigerian banking industry, Zenith Bank Plc recorded an increase of N193 billion in profit after tax (PAT) for its audited financial results for the full year (FY) ended December 31, 2018.
This represents a 10.9 per cent increase in PAT from N174 billion recorded in the corresponding period of 2017 while the group’s profit before tax (PBT) grew by 17 per cent from N199 billion in 2017 to N232 billion in 2018.
However, the group’s earnings dropped by 15.4 per cent, from N745 billion recorded in 2017 to N630 billion in 2018.
Speaking during the group’s Annual General Meeting (AGM) in Lagos yesterday, Chairman,Zenith Bank Plc, Jim Ovia, explained that despite a number of global and domestic factors, the group was able to exploit the opportunities within the challenging environment to record a performance that attests to its durability and resilience as a brand.
“The results are once again a reflection of the financial health of the Bank and the Group. We remain committed to delivering superior returns to our much valued shareholders by ensuring that a good chunk of our profit is set aside for them”, he said.
Also, the Bank declared and paid an interim dividend of 30 kobo per share in the course of the 2018 financial year and is proposing a final dividend of 250 kobo per share.
On the outlook, Ovia noted that the growth prospect for 2019 remains brighter for the group, adding that the beacon of optimism should come from the gradual improvement in the performance of the non-oil sectors and their contribution to GDP which is expected to continue in the short to medium term.
Corroborating, Chief Executive Officer,Zenith Bank Plc, Peter Amangbo, said that the Bank remains optimistic and primed to harness potential opportunities for astounding performance in 2019.
“We shall continue to be guided by our core strategy of adapting to market dynamics and the evolving needs of our customers as we seek to continually delight and surpass their expectations “ he said.
Amangbo thereafter assured the shareholders that the Bank will not falter in the pursuit of its mission and objectives while creating value for all stakeholders.
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