Zenith Bank’s Landmark N100.47 billion Dividend Payout Excites Shareholders 

Shareholders of Zenith Bank have unanimously approved the proposed final dividend payment of NGN2.90 per share.Information Guide Nigeria

This took place at the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023.

According to NAIRAMETRICS, this brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed appreciation to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.

In addition, the Group Managing Director/Chief Executive, Dr Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance.

Onyeagwu further highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.

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Speaking at the AGM, Dr Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.NYSC Portal

Chief Timothy Adesiyan, President, of the Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.

Also speaking, Mrs Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.

Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022, despite challenging macroeconomic conditions.

According to NAIRAMETRICS, this was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust.JAMB Result

Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by30%, primarily due to growth in customer deposits, NAIRAMETRICS reports.

In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

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