Zenith Bank Plc ( ZENITHBANK ) reported full year 2013 results to the Nigerian Stock Exchange in Lagos. Top line revenue grew 14.45% to N 351.47 billion in 2013 from N 307 billion in 2012. Interest income grew 17.5% to N 260 billion in 2013. Operating income grew 16.46% to N 242.57 billion in the year.
Profit before tax increased 8.32% to N 110.6 billion in 2013. Profit after tax declined by 5.33% to N 95.32 billion from N 100.68 billion in 2012. Loans increased 26.4% to N 1.25 trillion in the year. Total assets grew 20% to N 3.14 trillion. Customer deposits increased 18% to N 2.27 billion. Shareholders funds increased by 10% to N 509.25 billion in 2013.
Earnings per share for 2013 is N 3.04 per unit which is impressive. The one negative is that ZENITHBANK failed to keep its PAT above N 100 billion especially after hitting that mark last year.
ZENITHBANK has proposed a divided of N 1.75 per unit which translates into dividend yeild of 8.16% and a payout ratio of 57.6% at today's prices.
No surprise that shares of ZENITHBANK increased by 1.81% to close at N 21.99 per unit at the Nigerian Stock Exchange in Lagos today.
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