PRINCIPAL ACTIVITIES
Zenith bank FY 2023 financial statement recorded gross earnings of 125 percent from 945,554bn recorded in 2022 to 2,131,750bn recorded in 2023 while the profit after tax climbed to N676.9bn. The bank’s non-interest income grew by 141 percent to N918.9 billion from N381 billion.
According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), the growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023.Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.
Total assets increased by 66 percent to N20.4 trillion in 2023 from N12.3 trillion in 2022, largely due to growth in total deposits and the revaluation of foreign currency deposits.
| in millions of Naira | 2023 | 2022 | % Change |
| Gross profit | 2,131,750 | 945,554 | 125.45 |
| Profit before taxation | 795,962 | 284,650 | 179.63 |
| Profit after tax | 676,909 | 223,911 | 202.31 |
| Total Assets | 20,368,455 | 12,285,629 | 65.79 |
| Total Equity | 2,323,380 | 1,378,940 | 68.49 |
| Total Liabilities | 18,045,075 | 10,906,689 | 65.45 |
| Total Equity and Liabilities | 20,368,455 | 12,285,629 | 65.79 |
| 2023 | 2022 | % Change | |
| ROA | 3.32 | 1.82 | 1.50 |
| ROE | 29.13 | 16.24 | 12.90 |
| Earnings per Share | 21.55 | 7.14 | 201.82 |
Dividends
The bank announced a final dividend of N3.50 per share which in addition to the N0.50 per share as interim dividend amounts to N4.00 per share (2022: Interim dividend of N0.30 per share, final dividend of N2.90 and a total dividend per share of N3.20) from the retained earnings accounts as at 31 December 2023. This will be presented for ratification by the shareholders at the next Annual General Meeting.
