Zenith Bank pays N125.59b dividends, earns N2.132tr in 2023

Zenith Bank Plc has announced a dividend payout of N125.59 billion for the 2023 financial year, with shareholders approving a final dividend of N3.50 per share, bringing the total payout for the year to N4.00 per share.

Despite facing macroeconomic challenges, Zenith Bank reported a significant 125 per cent growth in gross earnings, reaching N2.132 trillion in 2023.
This increase was driven by a 112 per cent year-on-year (YoY) growth in interest income and a 141 per cent YoY growth in non-interest income.

Additionally, customer deposits grew by 69 per cent, while operating expenses rose by 32 percent YoY.

The total assets increased by 66 per cent, largely due to growth in total deposits and the revaluation of foreign currency deposits.

Speaking at the bank’s 33rd Annual General Meeting in Lagos, the Founder and Chairman of Zenith Bank, Dr. Jim Ovia, expressed gratitude to the shareholders for their loyalty, which he credited as a crucial factor in the bank’s consistently high performance.

Regarding the dividend payout, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, stated that the shareholders are pleased to receive a final dividend of N3.50 kobo from Zenith Bank.

She noted that, following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00, the highest in the banking sector to date.

The President of the Shareholders Solidarity Association of Nigeria, Timothy Adesiyan, commented that the bank’s performance metrics are delineated and managed by dedicated committees, ensuring accountability and responsiveness.

Also speaking, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, praised the bank for performing exceptionally well, particularly in terms of succession planning.

He found it encouraging to see the new Managing Director promoted from within, reinforcing shareholders’ belief in the bank’s leadership development.

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