Shareholders of Zenith Bank Plc have voted unanimously in favour of the company’s proposal to pay a final dividend of NGN2.90 per share. As a result, the total dividend for the fiscal year 2022 will amount to NGN3.20 per share, with a total value of NGN100.47 billion.
At the Bank’s 32nd Annual General Meeting (AGM), which took place yesterday virtually in Lagos, approval was given for the payment of dividends.
Jim Ovia, the founder and chairman of the bank, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, all of which have been essential in the bank’s outstanding performance ever since it was established. This expression of gratitude was made during the opening statement of the annual general meeting (AGM).
Dr. Ebenezer Onyeagwu, group managing director and chief executive, paid tribute to the bank’s founder and chairman, praising them for laying the foundation for the institution’s legacy and laying the groundwork for its ongoing superior performance.
In addition to this, he emphasised the Board of Directors’ and Management’s determination to keep the bank on its current growth trajectory in the years to come, with a particular focus on retail and digital banking.
Also speaking was Dr. Faruk Umar, president of the Association of the Rights of Nigerian Shareholders (AARNS), who complimented the Board of Directors and Management of Zenith Bank for consistently delivering value to shareholders despite the challenging economic environment. In addition, he lauded the employees of the bank for their steadfastness and commitment.
In a similar vein, Chief Timothy Adesiyan, president of the Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board of Directors and Management for the outstanding performance that led to the approval of both an interim and final dividend during the course of the year. This is in the same vein as the previous sentence.
Also speaking was the national coordinator of the Esteemed Shareholders Association of Nigeria, Mrs. Adenike David. She extended her congratulations to both the bank and the Chairman on their performance, which was demonstrated by the numerous awards they received during the 2022 fiscal year. Additionally, she lauded the financial institution for its payment of an interim dividend in the amount of 30 kobo and a final dividend in the amount of 2.90 kobo.
In spite of difficult macroeconomic conditions, Zenith Bank Group was able to increase its gross earnings by 24 percent, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This represents an increase from the previous year’s figure of NGN765.6 billion. This was primarily due to a growth in non-interest income of 23 percent year over year and a growth in interest income of 26 percent year over year. The trust placed in the bank by its customers is reflected in the growth of the bank’s customer deposits, which increased by 39%. The elevated yield environment had a positive impact, causing the Net-Interest-Margin (NIM) to increase from 6.7 percent to 7.2 percent. Although they increased by 17% year over year, operating expenses are still lower than the rate of inflation. The growth in deposits from customers was the primary contributor to the 30% increase in total assets.
In 2023, Zenith Bank Group intends to broaden its scope of operations and reorganise into a holding company structure. Additionally, the company intends to add new verticals to its businesses and pursue growth in all selected markets, both domestically and internationally.
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The track record of excellent performances that Zenith Bank has maintained has continued to earn the brand numerous awards. These awards include being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance Awards. World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards; and Best Corporate Governance Bank, Nigeria in the World’s Best Banks Awards. In addition to this, the bank was awarded the title of Most Valuable Banking Brand in Nigeria by Banker Magazine’s Top 500 Banking Brands for both 2020 and 2021. Furthermore, the bank was named Retail Bank of the Year by BusinessDay Banks and Other Financial Institutions (BAFI) Awards for three years in a row, beginning in 2020 and continuing until 2022. In a similar vein, Zenith Bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards. In addition, Zenith Bank was awarded the title of Most Responsible Organisation in Africa 2021 by SERAS Awards.
