Zenith Bank’s Annual Profit Hits N1trn for First Time

Zenith Bank, Nigeria’s second-biggest lender by market capitalisation, posted a trillion-naira profit after tax last year for the first time since it was established 34 years ago.

Its net income jumped to N1.03 trillion from N676.9 billion in the previous year, its earnings report released on Thursday shows.

The bank’s board of directors proposed a final dividend of N4.00 per share, bringing its total payment to N5.00 as against N4.00 in 2023.

The report shows that the bank paid to the government N63.31 billion in windfall tax, which was introduced last year on foreign exchange gains made by banks following the devaluation of the naira.