Business a.m.
Zenith Bank Plc shareholders recently approved a final dividend payment of N3.50 per share, totaling N125.59 billion in dividends for the 2023 financial year. The dividend payout of N4.00 per share cements Zenith Bank Plc’s position as the bank with the highest dividend in Nigeria, showcasing its commitment to rewarding its shareholders and cementing its position as a leading player in the financial services industry.
Jim Ovia, the founder and chairman of Zenith Bank Plc, kicked off the 33rd annual general meeting with a heartfelt acknowledgement of the shareholders’ unwavering commitment to the Zenith Bank brand. In his opening statement, Ovia expressed profound gratitude for the shareholders’ support and loyalty, lauding their invaluable contributions to the bank’s remarkable track record of unparalleled performance.
Ebenezer Onyeagwu, the group managing director/CEO of Zenith Bank Plc, expressed his appreciation to the bank’s founder and Chairman Jim Ovia,for his unparalleled mentorship, which has been instrumental in Onyeagwu’s phenomenal achievements in the past five years as CEO. Onyeagwu lauded Ovia’s leadership and guidance as the bedrock of the bank’s relentless quest for excellence and superior performance.
Onyeagwu stated: “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank’ss trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, CFR, and to the board,shareholders, customers, and staff for their steadfast support throughout my tenure.
“I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”
Bisi Bakare, the national coordinator of the Pragmatic Shareholders Association of Nigeria, commended Zenith Bank Plc’s exemplary performance in the 2023 financial year, reflected by a multitude of prestigious awards.
Bakare remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. 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.
“We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”
Faruk Umar, the president of the Association of the Rights of Nigerian Shareholders (AARNS), extended his appreciation to Zenith Bank Plc’s chairman for orchestrating a smooth and seamless succession plan.
He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”
Timothy Adesiyan, the president of the Shareholders Solidarity Association of Nigeria, lauded the chairmanship of Jim Ovia and the Management of Zenith Bank Plc for their steadfast dedication to creating value for shareholders. Adesiyan praised Ovia and the team for their commitment to driving excellence and maintaining a track record of consistent returns on investment, which has positioned the bank as a beacon of success in the Nigerian banking industry.
He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles.
“The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”
Zenith Bank Group weathered the tempest of challenging macroeconomic conditions and navigated through the choppy seas of economic headwinds , emerging victorious with a 125 per cent surge in gross earnings from N945.6 billion in the previous year to NGN2.132 trillion in 2023. The impressive growth was fuelled by a 112 percent YoY growth in interest
income and a 141 percent YoY growth in non-interest income. Customer deposits also grew by 69 percent,reflecting the bank’s market leadership and customers’ trust.
On the other hand,, operating expenses grew by 32 percent YoY, while total assets rose by 66 percent, largely due to growth in total deposits and the revaluation of foreign currency deposits in 2024.
Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
