Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion.
This is the highest dividend payout by any bank.
In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion in the previous year to N2.132 trillion in 2023. This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits.
In his opening statement at the Annual General Meeting, Dr. Jim Ovia, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.
The Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance.
He said, “As I prepare to pass the baton to Dame 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, 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.”
Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year.
“We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank.
