Shareholders of Zenith Bank Plc have given their approval for a final dividend payout of NGN4.00 per share, pushing the total dividend for the 2024 financial year to NGN5.00 per share amounting to a total disbursement of NGN195.67 billion.
The announcement was made during the bank’s 34th Annual General Meeting (AGM), which was held in Lagos.
Chairman and Founder of Zenith Bank Plc, Jim Ovia, commended the bank’s resilience throughout a turbulent global economic landscape, highlighting how the Group capitalised on opportunities across its various subsidiaries.
Addressing the AGM for the first time in her capacity as Group Managing Director and Chief Executive Officer, Adaora Umeoji expressed heartfelt appreciation to shareholders for their unwavering support. She also made a bold promise of greater shareholder returns in the future.
“This is a special moment for me my first AGM as the first female GMD/CEO of Zenith Bank,” she said. “I deeply appreciate the trust you’ve placed in me. Zenith Bank remains committed not just to meeting expectations, but exceeding them. Our goal is to build a sustainable, efficient, and resilient institution that stands the test of time.”
Umeoji reaffirmed the bank’s commitment to consistent dividend growth, noting its successful recapitalisation exercise, which was oversubscribed by 160%. With this strong capital base, she assured shareholders there would be no need for further capital raising in the short term.
“Our capital buffers are robust, allowing us to execute our growth strategy organically while maintaining our well-established corporate governance standards,” she said.
Shareholder representatives present at the AGM lauded the management for the bank’s outstanding financial performance and consistent value delivery.
President of the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS) Faruk Umar, commended the new GMD for steering the bank to new heights. Otunba Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, celebrated the bank’s steady dividend record.
“We’re thrilled. The bank has crossed the NGN1 trillion mark in both Profit Before Tax (NGN1.3 trillion) and Profit After Tax this is no small feat. The performance is phenomenal,” he said, applauding the leadership of Ovia and the entire board.
The Balogun Olugbon of Orile-Igbon in Oyo State Olatunde Okelana, also hailed the dividend announcement, calling it a testament to Zenith Bank’s strength and management excellence.
Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, echoed similar sentiments, praising the bank’s consistent delivery of shareholder value in the face of macroeconomic headwinds.
Zenith Bank posted an impressive 86% year-on-year growth in gross earnings, rising from NGN2.13 trillion in 2023 to NGN3.97 trillion in 2024. This leap was largely fueled by a 138% surge in interest income, driven by strategic investment in high-yield government securities and robust growth in the loan portfolio.
Customer deposits climbed 45%, reflecting increasing market confidence and customer loyalty, while total assets surged 47%, supported by strong liquidity and disciplined balance sheet management.
