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Zenith Bank Delivers Record Dividend Payout of N125.59 Billion to Shareholders

Zenith Bank Plc showcased its unwavering commitment to providing value to its shareholders by announcing a record dividend payout of N125.59 billion at its 33rd Annual General Meeting (AGM), held at the Civic Centre, Victoria Island, Lagos, on Wednesday, May 8, 2024. Shareholders enthusiastically approved the proposed final dividend payment of NGN3.50 per share, culminating in a total dividend of NGN4.00 per share for the 2023 financial year – marking the highest dividend payout in the banking sector.

In his opening remarks at the AGM, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, extended his gratitude to the shareholders for their steadfast support and loyalty, which have been instrumental in driving the bank’s consistent superior performance.

Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer, expressed his appreciation to Dr. Jim Ovia, CFR, for his invaluable mentorship over the past five years, which has significantly contributed to his success as CEO. He also commended the board, shareholders, customers, and staff for their unwavering support throughout his tenure. Dr. Onyeagwu expressed confidence in the bank’s future under the leadership of Dame (Dr) Adaora Umeoji, OON, emphasizing the remarkable journey they’ve undertaken together.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, lauded Zenith Bank’s exceptional performance, citing numerous accolades received during the 2023 financial year. She expressed shareholders’ satisfaction with the N3.50 kobo final dividend, in addition to the interim dividend of 50 kobo paid in December, culminating in a total dividend of N4.00 for the year.

Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the bank’s exemplary succession planning, highlighting the internal promotion of the new Managing Director as a testament to the bank’s commitment to leadership development.

Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management for consistently delivering value to shareholders, attributing the bank’s rapid growth to diligent oversight and adherence to strict corporate governance principles.

Despite facing challenging macroeconomic conditions, Zenith Bank Group achieved remarkable triple-digit growth in gross earnings, with interest income and non-interest income experiencing significant year-on-year increases. Customer deposits also recorded substantial growth, reflecting the bank’s market leadership and customer trust.

Looking ahead, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, aiming to add new verticals to its businesses and pursue growth in both local and international markets.

Zenith Bank’s outstanding performance has earned it numerous awards, including being recognized as the Best Bank in Nigeria multiple times and receiving accolades for its digital solutions, corporate governance, and sustainability initiatives. The bank’s consistent recognition underscores its position as a leader in the Nigerian banking industry.

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