The equity market on the Nigerian Stock Exchange, NSE, yesterday rebounded to a positive territory as Zenith Bank announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT) rising to N232 billion.
Also, in demonstration of its commitment to its shareholders, the bank has announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share, representing a yield of 11.2 per cent.
Tuesday, the NSE All Share Index (ASI) rose 0.7 percent to 32,406.18 points due to buying interests in bellwether stocks with Zenith Bank leading the bullish train, gaining +5.6 percent, at the backdrop of its impressive full year 2018 financial results released on the exchange.
Consequently, market capitalisation increased N80.6billion to N12.1trillion while Year to Date, YtD gain settled at 3.1 percent. Activity level also strengthened as volume and value traded improved 55.4 percent and 23.7percent to 361.8million units and N4.2billion n respectively.
According to the bank’s audited financial results for the 2018 financial year released in Lagos on Tuesday, this represents an increase of 16.6 percent over the N199 billion recorded for the same period in 2017. It is the highest so far published by any bank in the Nigerian Banking Industry in the current reporting period. Also, the results showed that profit after tax (PAT) witnessed an impressive growth of 11 per cent year-on-year to N193 billion from N174 billion
Read more at: https://www.vanguardngr.com/2019/02/stock-market-rebounds-as-zenith-bank-posts-impressive-results/