At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.
In his opening statement at the AGM, founder and chairman of Zenith Bank Plc, Jim Ovia, 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.
Group managing director/chief executive, Dr. Ebenezer Onyeagwu, extolled the founder and chairman, Jim 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.
Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), 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.
President, Shareholders Solidarity Association of Nigeria, Chief 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, national coordinator of the Esteemed Shareholders Association of Nigeria, Mrs. Adenike David, 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 challenging macroeconomic conditions, Zenith Bank Group achieved a 24 per cent growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This was driven by a 26 per cent YoY growth in interest income and a 23 per cent YoY growth in non-interest income. Customer deposits grew by 39 per cent, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7 per cent to 7.2 per cent, positively impacted by the elevated yield environment. Operating expenses grew by 17 per cent YoY, though still below the inflation rate. Total assets rose by 30 per cent, primarily due to growth in customer deposits.
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.
