Zenith Bank Plc has announced its financial results for the 2024 fiscal year, achieving a record-breaking profit after tax of ₦1.03 trillion.
This marks a 52.5% increase compared to the ₦676.9 billion recorded in the previous year.
A detailed examination of the financial report indicates that the bank generated ₦4 trillion in gross earnings, with interest income and trading income being the primary contributors.
Dividend Payouts and Shareholder Approval
The Board of Directors has proposed a final dividend of ₦4.00 per share, bringing the total dividend for the year to ₦5.00 per share (2023: ₦4.00 per share, consisting of a ₦0.50 interim dividend and a ₦3.50 final dividend).
The proposed dividend will be presented for shareholder approval at the upcoming Annual General Meeting. The bank also noted that dividends are subject to a 10% withholding tax for eligible recipients.
Capital Raise to Meet Regulatory Requirements
In line with the Central Bank of Nigeria’s (CBN) directive on minimum capital requirements, Zenith Bank successfully raised ₦343 billion through a rights issue and public offer.
As a result, the bank issued 9,673,336,214 additional shares, increasing the total number of outstanding shares from 31,396,493,787 to 41,069,830,001 units.
As of December 31, 2024, these shares had been verified by the CBN, while the Securities and Exchange Commission (SEC) had approved their inclusion in the financial statements, pending final allotment approval.
Board Restructuring and Leadership Changes
The bank also announced key changes in its leadership:
– Dr. Adaora Umeoj (OON) assumed the role of Group Managing Director on June 1, 2024, following the retirement of Ebenezer Onyeagwu on May 31, 2024.
– Gabriel Ukpeh retired from the Board on March 8, 2024.
– Pamela Yough joined the Board on April 30, 2024.
– Adamu Lawani and Louis Odom were appointed as Board members on April 24, 2024.
SEC Approval for New Share Allotment
On January 23, 2025, the SEC officially approved the allotment of the newly issued shares, completing the capital raise process.
Zenith Bank emphasized that this capital boost strengthens its financial position and aligns with its long-term strategic growth plans.
