Zenith Bank Plc shareholders unanimously approved the proposed final dividend payment of NGN2.90 per share at the bank’s 32nd Annual General Meeting (AGM), held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023. The total dividend for the fiscal year 2022 is NGN3.20 per share, with a total value of NGN100.47 billion.
Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders in his opening statement at the AGM for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.
Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive, praised the bank’s Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance. He also emphasized the Board of Directors and Management’s commitment to maintaining the bank’s growth trajectory in the coming years, with a focus on digital and retail banking.
Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), spoke at the AGM and praised Zenith Bank’s Board and Management for consistently delivering value to shareholders despite the challenging economic environment. He also praised the bank’s employees for their dedication and loyalty.
Chief Timothy Adesiyan, President of the Nigerian Shareholders Solidarity Association, expressed delight at the dividend payout and thanked the Board and Management for their outstanding performance, which resulted in the approval of both an interim and final dividend during the year.
Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, also spoke and congratulated the bank and Chairman on their outstanding performance, as evidenced by the numerous awards received during the fiscal year 2022. She also praised the bank for paying a 30 kobo interim dividend and a 2.90 kobo final dividend.
Despite challenging macroeconomic conditions, Zenith Bank Group increased gross earnings by 24%, from NGN765.6 billion in 2017 to NGN945.5 billion in 2022. This was driven by a 26% year-on-year increase in interest income and a 23% year-on-year increase in non-interest income. Customer deposits increased by 39%, reflecting the bank’s market dominance and customer trust. Net interest margin (NIM) increased from 6.7% to 7.2% as a result of the higher yield environment. Operating expenses increased by 17% year on year but remained below the inflation rate. Total assets increased by 30%, owing primarily to increases in customer deposits.
Zenith Bank Group intends to expand its reach and reorganize into a holding company structure in 2023, adding new verticals to its businesses and pursuing growth in all targeted markets, both locally and globally.
Zenith Bank’s track record of excellent performances has continued to earn the brand numerous awards including being recognized 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 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. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named 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.
