Zenith Bank Plc shareholders approved the proposed final dividend payment of N3.50 per share at their 33rd annual general meeting (AGM), which was held in Lagos on Wednesday. This means that the total dividend for the 2023 financial year will be N4.00 per share, totaling N125.59 billion, making it the highest dividend payout by any bank.
During the annual general meeting, Dr. Jim Ovia, the Chairman and Founder of Zenith Bank Plc, expressed gratitude to the shareholders for their unwavering support and devotion to the Zenith brand. This has been a key factor in the bank’s continuous exceptional performance.
The founder and chairman, Jim Ovia, was praised by Dr. Ebenezer Onyeagwu, the group managing director and chief executive officer, for his mentorship, which has been crucial to his success over the previous five years as CEO, and for serving as the cornerstone for the bank’s ongoing exceptional performance.
Onyeagwu says, “As I prepare to pass the baton to Dame (Dr.) Adaora Umeoji, OON, 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.”
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, spoke about the dividend payout and expressed her happiness with the bank’s outstanding performance, which was demonstrated by the several awards it got in the 2023 fiscal year.
She remarked, “We 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. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a holding company, will be even more promising for Zenith.”
The Association of the Rights of Nigerian Shareholders (AARNS) President, Dr. Faruk Umar, thanked the chairman for facilitating a smooth succession plan during the AGM.
The Association of the Rights of Nigerian Shareholders (AARNS) President, Dr. Faruk Umar, thanked the chairman for facilitating a smooth succession plan during the AGM.
The chairman and management of Zenith Bank have received a commendation from Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, for their continuous provision of value to shareholders.
He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”
Despite difficult macroeconomic conditions and economic headwinds, Zenith Bank Group managed to boost its gross earnings by a remarkable 125% over the previous year, from N945.6 billion to N2.132 trillion in 2023. The growth in interest income was 112% YoY, and the growth in non-interest income was 141% YoY.
Deposits from consumers increased by 69%, which is indicative of the bank’s market leadership and patronage. YoY, operating expenses increased by 32%. The revaluation of foreign currency deposits and an increase in total deposits were the main causes of the 66% increase in total assets.
After reorganizing into a holding company structure, Zenith Bank Group intends to broaden its scope in 2024 by introducing new verticals to its business and pursuing growth in all targeted markets, both domestically and globally.
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