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End-of-day quote. End-of-day quote Nigerian Stock Exchange - 05/07
22.2 NGN   +1.14%
03/24ZENITH BANK  : Retains Position As 'Best Bank in Nigeria'
03/24ZENITH BANK  : Emerges Best Bank in Nigeria Back-to-Back
03/24ZENITH BANK  : Named 'Best Nigerian Bank' Second Succesive Year
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Zenith Bank : Becomes Nigeria's Biggest Bank By Asset

02/24/2021 | 02:06am EDT

The climb may be temporary though.

Jim Ovia-led Zenith Bank Plc saw a 34 per cent surge in its asset base in 2020, lifting the value from N6.347 trillion to N8.481 trillion in one year and making it Nigeria's biggest bank by asset, its audited financial statements showed on Tuesday.

The lender, however, could cede that position to its fierce rival, Access Bank, when its own financial statements are issued any moment from now.

Access Bank executed no fewer than four major expansion deals on the continent last year including acquisitions in Kenya, Zambia, Cameroon and Mozambique, which should catapult its asset estimate well beyond the N7.925 trillion reported in September, and has lined up more of such transactions in eight other countries across Africa.

A 12.2 per cent increase in net interest income enabled Zenith Bank to scale up turnover from N662.251 billion to N696.450 billion.

But earnings were somewhat limited by a slump in net income on fees and commission from N100.106 billion to N79.332 billion, and the lender's provision for loans likely to go bad, which soared from N24.032 billion to N39.534 billion.

That deterioration in credit quality by as much as 64.5 per cent in 12 months underscores the December projection of credit rating agency Fitch.

Nigerian banks should brace up for harder times this year, the New York-based firm warned, seeing the impaired loans in the system jump to between 10 to 12 per cent of the total credit asset by December 2021 as the pandemic weighs.

Dividend Per Share

Pre-tax profit stood at N255.861 billion up from N243.294 billion, meaning a 5.2 per cent growth.

Profit for the year went up by 10.4 per cent from N208.843 billion to N230.565 billion.

The earnings per share of Nigeria's second most capitalised bank stood at N7.34, up from N6.65, while its shareholders fund lifted from N941.886 billion to N1.117 trillion.

The lender's board of director also announced on Tuesday a final dividend per share of N2.70, having earlier paid an interim dividend of N0.30 for 2020, bringing the total to N3. That compares to 2019's total of N2.80.

Shares in Zenith Bank closed in Lagos on Tuesday at N26 per share, up by 4.84 per cent.

Copyright Premium Times. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
ACCESS BANK PLC 0.62% 8.15 End-of-day quote.-3.55%
ZENITH BANK PLC 1.14% 22.2 End-of-day quote.-10.48%
All news about ZENITH BANK PLC
03/24ZENITH BANK  : Retains Position As 'Best Bank in Nigeria'
03/24ZENITH BANK  : Emerges Best Bank in Nigeria Back-to-Back
03/24ZENITH BANK  : Named 'Best Nigerian Bank' Second Succesive Year
03/17ZENITH BANK  : Excitement, Commendations As Zenith Bank Pays N94,2 Billion Divid..
03/09ZENITH BANK PLC : Ex-dividend day for final dividend
02/26ZENITH BANK PLC  : Mixed general shareholder meeting
02/25Nigeria's Zenith Bank targets 5.5% rise in pretax profit in 2021
02/24ZENITH BANK  : Shows Resilience As Profit Hits N231 Billion
02/24ZENITH BANK  : Becomes Nigeria's Biggest Bank By Asset
02/23ZENITH BANK PLC  : Annual results
More news
Sales 2021 639 B 1 695 M 1 695 M
Net income 2021 233 B 618 M 618 M
Net Debt 2021 - - -
P/E ratio 2021 2,97x
Yield 2021 13,9%
Capitalization 697 B 1 834 M 1 849 M
Capi. / Sales 2021 1,09x
Capi. / Sales 2022 1,07x
Nbr of Employees 7 544
Free-Float 100%
Duration : Period :
Zenith Bank Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ZENITH BANK PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 11
Average target price 32,43 NGN
Last Close Price 22,20 NGN
Spread / Highest target 92,8%
Spread / Average Target 46,1%
Spread / Lowest Target 20,7%
EPS Revisions
Managers and Directors
Ebenezer Onyeagwu Chief Executive Officer, Director & MD
Mukhtar Adam CFO & Group Head-Financial Control
Jim Ovia Chairman
Francis Chukwunyem Chief Information Officer & General Manager
Oladoyin Olugbuyi Chief Compliance Officer
Sector and Competitors