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Directors of Zenith, GTBank Meet to Recommend Dividend
Directors of Zenith Bank Plc and Guaranty Trust Bank Plc are to hold separate meetings to consider the financials of the banks for the year ended December 31. While the directors of Zenith Bank will meet on January 24, those of GTBank will meet on January 25, 2017.
According to filings to the Nigerian Stock Exchange (NSE), both banks said one the things to consider at the meetings is the recommendation of dividend for the year.
Zenith Bank and GTBank are known for robust dividend payout and shareholders are expecting another bountiful harvest. Zenith Bank paid N1.80 per share for 2015, while GTBank paid N1.77 per share. And considering the nine months results of both banks ended September 30, 2016, shareholders are not expecting lower dividends.
For instance, Zenith Bank recorded gross earnings of N380.4 billion in 2016, showing an increase of 12.9 per cent from N337.9 billion in the corresponding period of 2015. Net interest income grew by 17.6 per cent from N161.4 billion to N189.8 billion, while impairment charges rose by 124.8 per cent to N9.7 billion to N21.9 billion. However, other income soared from N9.7 billion in 2015 to N32 billion in 2016.
Hence, Zenith Bank ended the period with profit before tax (PBT) of N121.2 billion, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015. Profit after tax (PAT) recorded faster growth of 20.4 per cent to N100 billion, up from N83 billion.
On its part, GTBank Plc recorded gross earnings of N329.284 billion, up by 43.5 per cent compared with N229.4 billion in the corresponding period of 2015. Net interest income rose by 10.5 per cent from N120.13 billion to N132.7 billion, while net fees and commission income grew by 28.2 billion to N37.5 billion, up from N48.13 billion.
Net impairment loss on financial assets soared by 570 per cent to N57 billion, from N8.5 billion in 2015. Other income, from fx revaluation gains, jumped up from N6.957 billion to N93.95 billion.
PBT improved to N141 billion, up from N92.1 billion, while PAT rose by 59.6 per cent to N119.92 billion, compared from N75.2 billion in 2015
PBT improved to N141 billion, up from N92.1 billion, while PAT rose by 59.6 per cent to N119.92 billion, compared from N75.2 billion in 2015.
