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Zenith Bank posts highest daily gain after 2 months as investors gain N37.7bn

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Zenith Bank

Zenith Bank Plc has declared that it recorded the highest gain in a single trading session on the floor of the Nigerian Stock Exchange (NSE) as investors gained N37.7 billion.

The bank’s gain came on Tuesday, February 23, after over two months of its initial gain. The financial institution, according to the NSE,  had a share price rose by 4.84%, from N24.80 recorded at the close of trading to N26.

And for the just concluded trading, the market capitalization also gained N37.7 billion. Another success disclosed by the bank is that it was ready to pay a final dividend of N2.50 for every 50 kobo shares, bringing the total dividend paid for FY 2019 to N2.80.

The bank, in a financial statement, released on Tuesday, February 23, noted that the final dividend was subject to the 10 percent withholding tax and approval at the Annual General Meeting (AGM).

The bank explained the cash reward would be paid on March 16 to shareholders whose names appear on the register of members as at March 8, 2021, and have completed the e-dividend registration.

It was revealed that the interest income for the year rose to N420.8 billion from N415.6 billion, while the interest expense reduced to N121.1 billion from N148.5 billion, leaving the company with a net interest income of N299.7 billion in contrast to N267.0 billion in the 2019 reporting year.

The net income on fees and commission decreased in the period under review to N79.3 billion from N100.1 billion, while trading gains moved up to N121.7 billion from N117.8 billion, with the other operating income rising to N50.7 billion from N14.2 billion.

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