Zenith Bank assures shareholders of dividend growth, pays N195.67bn for 2024
By Seun Ibiyemi
Zenith Bank Plc reaffirmed its commitment to delivering sustained shareholder value, approving a final dividend of NGN4.00 per share.
This brings the total dividend for the 2024 financial year to NGN5.00 per share, amounting to a payout of NGN195.67 billion.
Addressing shareholders at the Civic Centre in Victoria Island, Lagos, the Founder and Chairman, Jim Ovia, CFR, thanked them for their continued support and loyalty.
He credited their backing as a key driver behind the bank’s exceptional performance, despite global economic headwinds in 2024.
Making her first AGM appearance as Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed gratitude for the shareholders’ confidence in her leadership.
She assured them of stronger performance ahead. “Zenith Bank is committed not only to meeting your expectations but exceeding them,” she stated.
“We are focused on running a sustainable institution that will outlive many generations.”
Umeoji emphasized the bank’s dividend history, pointing out that dividend payouts have consistently grown. With a recently concluded recapitalization exercise oversubscribed by 160%, she added that the bank is financially fortified and under no pressure to raise additional funds.
Shareholders applauded the bank’s financial growth and governance. Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), noted the sharp rise in the bank’s profit, from N676 billion to over N1 trillion. “All financial indices are now in trillions, and that’s highly commendable,” he said.
Alhaji Otunba Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, praised Zenith Bank’s consistency in dividend delivery.
“Their PBT has hit N1.3 trillion. It’s unprecedented,” he said, while other shareholders echoed similar sentiments, describing Zenith as Nigeria’s most rewarding banking investment.
In 2024, Zenith Bank Group reported an 86% rise in gross earnings to NGN3.97 trillion, with customer deposits and total assets increasing by 45 per cent and 47 per cent respectively.
The bank’s performance was driven by strong interest income and prudent balance sheet management.
Recognized globally, Zenith Bank has won numerous awards including being ranked Nigeria’s number one bank by Tier-1 capital for 15 consecutive years by The Banker Magazine.
With this latest AGM, Zenith Bank continues to reinforce its image as a financially strong, well-governed institution that prioritizes long-term value creation for its shareholders.