Shareholders of Zenith Bank Plc have approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.
This was disclosed at the bank’s 34th Annual General Meeting (AGM) held in Lagos.
While speaking, Founder and Chairman of Zenith Bank Plc, Jim Ovia, noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary.
The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, expressed her appreciation to the shareholders for their commitment and support, promising a quantum leap in dividends going forward.
According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”. She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”.
Talking specifically about dividends, she emphasised that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalisation exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business, and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”
President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices.
Speaking on the dividend payout, Chairman, Trusted Shareholders Association of Nigeria, Alhaji Otunba Mukhtar, said that since the inception of the bank, they have kept giving shareholders a consistent dividend payout.
“We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”
Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile-Igbon, Oyo State, also commended the bank’s dividend payout.
On his part, President of the Shareholders Solidarity Association of Nigeria, Chief Timothy Adesiyan, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders.
He noted that the bank’s financial performance in 2024 alluded to its commitment to continually delivering value to its investors despite challenging macroeconomic conditions.
Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024. This was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.
Customer deposits grew by 45%, reflecting the bank’s market leadership and customers’ trust. Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.
