Zenith Bank’s shareholders approve N125.59bn dividend

Shareholders of Zenith Bank Plc Wednesday approved the proposed final dividend payment of N3.50 per share, bringing the total dividend for the 2023 financial year to N4.00 per share, with a total value of N125.59 billion. This is the highest dividend payout by any bank, the bank stated. This was the major highlight of the […]

Shareholders of Zenith Bank Plc Wednesday approved the proposed final dividend payment of N3.50 per share, bringing the total dividend for the 2023 financial year to N4.00 per share, with a total value of N125.59 billion.

This is the highest dividend payout by any bank, the bank stated.

This was the major highlight of the 33rd Annual General Meeting (AGM) of the bank held at the Civic Centre, Victoria Island, Lagos.

The founder and Chairman of Zenith Bank, Dr Jim Ovia, thanked the shareholders for their unflinching support and loyalty to the Zenith brand, saying this had been instrumental to the bank’s consistent superior performance.

• Gbong Gwom Jos worries over killings as farming season begins
• 66,000 prison inmates awaiting trials – Legal Aid Council

The Group Managing Director/Chief Executive Officer, Dr Ebenezer Onyeagwu, thanked Ovia for his mentorship in the last five years while he served as CEO, which he attributed to his success, saying the chairman had provided the pedestal for the bank’s continued superior performance.

He said, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our founder and Chairman, Dr Jim Ovia, CFR, and to the board, shareholders, customers and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”

National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, said, “We the shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank.

“Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00 – the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a holding company will bring even greater returns.”

Also speaking, President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new managing director promoted from within, reinforcing our belief in the bank’s leadership development.”

Daily Trust reports that the Zenith Bank Group achieved a remarkable triple-digit growth of 125 per cent in gross earnings, from N945.6bn in the previous year to N2.132trn in 2023. This was driven by a 112 per cent YoY growth in interest income and a 141 per cent YoY growth in non-interest income. Customer deposits grew by 69 per cent, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32 per cent YoY. Total assets rose by 66 per cent, largely due to growth in total deposits and the revaluation of foreign currency deposits

In 2024, the Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets locally and internationally.