Business

Shareholders excited as Zenith Bank pays N100.47bn dividend

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, shareholders of the bank unanimously approved the proposed final dividend payment of N2.90 per share.

This brings the total dividend for the 2022 financial year to N3.20 per share, with a total value of N100.47 billion.

Chairman, Zenith Bank, Jim Ovia

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

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

Zenith Bank MD, Ebenezer Onyeagwu

He also 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.

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.

Umar also praised the bank’s staff for their loyalty and dedication.

Chief Timothy Adesiyan, President, 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.

Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from N765.6 billion in the previous year to NGN945.5 billion in 2022. 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. 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 by 30%, primarily due to growth in customer deposits.

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.

The Star

Editor

Recent Posts

FG unveils free cesarean sections for women to combat maternal mortality

The Federal Government has unveiled a nationwide free cesarean section initiative aimed at reducing Nigeria’s…

2 hours ago

National grid collapses for second time in 3 days

The national grid has again collapsed, leading to a nationwide blackout. This is the second…

5 hours ago

‘Doing harm to kids’: Australia to ban children under 16 from social media

Australia's Prime Minister Anthony Albanese has vowed to ban children under 16 from social media,…

7 hours ago

Lagos govt shuts churches, hotels over noise pollution

The Lagos State Government has shut churches, including the Redeemed Christian Church of God (RCCG)…

8 hours ago

Makinde approves N80,000 minimum wage for Oyo workers

Oyo State Governor Seyi Makinde has approved a minimum wage of N80,000 for civil servants…

9 hours ago

Stock market reverses gain as investors lose N337bn

The Nigerian stock market reversed its gains from the previous session, recording a N337 billion…

9 hours ago

This website uses cookies.