At the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, shareholders of Zenith Bank Plc unanimously approved the proposed final dividend payment of N3.50 per share, resulting in a total dividend payout of N4.00 per share for the 2023 financial year. With a total value of N125.59 billion, this dividend represents the highest payout by any bank, as affirmed by the bank’s statement.
Dr Jim Ovia, the founder and Chairman of Zenith Bank, expressed gratitude to the shareholders for their unwavering support and loyalty to the Zenith brand, acknowledging their pivotal role in the bank’s consistently superior performance.
Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer, expressed appreciation to Ovia for his mentorship during his tenure as CEO over the past five years. He attributed much of his success to the chairman’s guidance. Onyeagwu expressed confidence in the bank’s trajectory under Dame (Dr) Adaora Umeoji, Zenith Bank’s incoming CEO.
As Onyeagwu prepares to transition, he emphasizes his pride in the bank’s accomplishments and urges shareholders to extend their support to his successor. He expresses optimism for Zenith Bank’s future and highlights the bank’s commitment to continued success.
Mrs. Bisi Bakare, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed satisfaction with the final dividend of N3.50 kobo from Zenith Bank. She noted that when combined with the interim dividend of 50 kobo paid in December, the total dividend for the 2023 AGM amounts to N4.00, the highest in the banking sector to date.
Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the bank’s exceptional performance, particularly in succession planning. He highlighted the significance of promoting the new managing director from within, underscoring the shareholders’ confidence in the bank’s leadership development.
The Zenith Bank Group recorded impressive triple-digit growth of 125 percent in gross earnings, reaching N2.132 trillion in 2023 compared to N945.6 billion in the previous year. This growth was attributed to a 112 percent year-on-year increase in interest income and a 141 percent year-on-year increase in non-interest income. Customer deposits grew by 69 percent, reflecting the bank’s market leadership and customer trust.
Looking ahead to 2024, Zenith Bank plans to expand its reach following its restructuring into a holding company structure. The bank aims to introduce new verticals to its businesses and pursue growth opportunities in local and international markets.
