Zenith Bank Plc announces growth of 65.78% and suggests a dividend of ?3.50

The bank's PBT jumped from ?284.65m in 2022 to ?795.962m by the end of 2023, a rise of 179.63%.According to Zenith Bank Plc, for the year that concluded on December 31, 2023, its total assets increased to ?20.368 billion.This was stated in the audited reports of Zenith Bank for the year ending December 31, 2023, which were sent to the Nigerian Exchange Ltd. (NGX) in Lagos by Michael Otu, the bank's company secretary. Comparing this to the ?12.286 billion reported in the same time of 2022, there has been a 65.78% growth. Compared to ?284.65 million in 2022, the bank's Profit Before Tax (PBT) climbed by 179.63% to ?795.962 million in the year that concluded in 2023. For the year under review, its Profit After Tax (PAT) was ?676.909 million, as opposed to ?223.911 million. The bank's total liabilities increased to ?18.045 billion in the reviewed year, a 66.06% rise from the ?10.906 billion recorded in 2022. In the meanwhile, as of December 31, 2023, its Board of Directors has proposed to distribute a total dividend of ?3.50 per share to shareholders from the retained profits accounts. The dividend will be brought up for approval by the shareholders at the bank's next Annual General Meeting (AGM). The directors stated that in the hands of eligible beneficiaries, dividend payments are subject to a 10% withholding tax rate.