Shareholders of Zenith Bank Plc, unanimously approved the proposed final dividend payment of N2.90 per share, to bring the total dividend payout for the 2022 financial year to N3.20 per share, totaling about N100.47 billion.
A statement yesterday, said the approval was given during the 32nd Annual General Meeting (AGM) of the bank held virtually in Lagos, on Tuesday.
In his opening statement at the AGM, Founder and Chairman of Zenith Bank Plc, Jim Ovia, was said to have 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.
Also, Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, reportedly extolled Ovia, “for establishing the legacy and providing the template for the bank’s continued superior performance.”
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.
Some shareholders were quoted to have commended the bank for the impressive performance. They include President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, who commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.
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.
Similarly, President, Shareholders Solidarity Association of Nigeria, Timothy Adesiyan, 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 what it described as “challenging macroeconomic conditions,” Zenith Bank Group posted a 24% growth in gross earnings, from N765.6 billion in 2021 to N945.5 billion in 2022. “This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income.”
Also, 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.
However, “Operating expenses grew by 17% YoY, though still below the inflation rate,” it said, while Total assets rose 30%, primarily due to growth in customer deposits.
In this 2023 financial, Zenith Bank said it “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.”
