Zenith Bank’s Valuation Falls Below N2trn After Record Profit

Zenith Bank, Nigeria’s second-biggest lender by market capitalisation, saw its valuation fall below the N2 trillion mark on Thursday after reporting a record annual profit.

The bank’s market cap fell to N1.96 trillion from N2.01 trillion on Wednesday as its share price dipped 2.25 percent to N47.80 apiece.

Markets Reporters earlier reported that the bank 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.

READ MORE: Zenith Bank Swings to Record N1.09trn FX Gain

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.