Zenith Bank plc said on Tuesday it would seek shareholder approval next month to raise N100 billion ($318m) via a combination of share or bond sale and global depository receipts (GDR).
The lender also said it would seek approval to increase its share capital to N40 billion from N20 billion at the shareholders’ meeting on March 22.
Zenith Bank on Monday kicked off the full-year earnings season of banks with an impressive result for the period ended December 31, 2016.
The results at the Nigerian Stock Exchange (NSE) show Zenith Bank gross earnings of N508 billion against N433 billion in 2015, an increase of 17.45 percent.
Its reported profit before income tax (PBT) in 2016 was N157 billion against N126 billion in 2015. Profit after tax (PAT) rose to N130 billion from N106 billion in 2015.
The board of directors of the bank proposed a final dividend of N1.77 kobo per share, which in addition to the N0.25 kobo per share paid as interim dividend, amounts to N2.02 kobo per share from the retained earnings account as of December 31, 2016.
