Zenith bank posts n208bn profit after tax

According to the latest financial reports, Zenith Bank Plc has announced a profit after tax of N208 billion for the year ended December 31, 2022. This represents a significant increase from the N193 billion profit after tax reported in the previous year.

The bank's gross earnings for the year rose by 10.4% to N944.6 billion, driven by growth in interest income and non-interest income. Net interest income increased by 12.1% to N644.4 billion, while non-interest income rose by 8.5% to N230.2 billion.

The bank's operating expenses increased by 10.3% to N343.4 billion, driven by higher staff costs and other operating expenses. However, the bank's profit before tax (PBT) still managed to rise by 11.1% to N343.4 billion.

The bank's PBT margin remained strong at 36.2%, indicating the bank's ability to maintain its profitability despite the challenging operating environment.

The bank's dividend payout for the year is expected to be significant, with the board recommending a final dividend of N2.50 per share, bringing the total dividend for the year to N4.50 per share.

Overall, Zenith Bank's financial performance for the year 2022 is impressive, reflecting the bank's strong franchise, efficient operations, and ability to adapt to changing market conditions.