ZENITH Bank will pay N2.50k per share as dividends to shareholders for the 2018 financial year, after the boards proposal got the nod of the shareholders at the 28th Annual General Meeting (AGM) of the bank.
A final dividend of N2.50 per share in addition to the N0.30 per share paid as interim dividend amounting to N2.80 per share, was put forward as against the N2.70 per share in 2017.
For the 2018 financial year, the bank earmarked N87.91 billion for total dividend payment to shareholders as against the N84.77 billion paid in 2017.
The Chairman of Zenith Bank, Mr Jim Ovia, said that the bank remained committed to delivering superior returns to its much valued shareholders by ensuring that a good chunk of its profits was set aside for shareholders.
He said, “2018 was a challenging year for operators in the banking industry,” but noted that the bank was able to exploit the opportunities within the environment to record a performance that attested to its durability and resilience as a brand.
Outlining the performances of the bank, Ovia said, “the results are a reflection of the exceptional financial health of the bank and the group.
“For the bank, total deposit was N2.82 trillion for the year ended December 31, 2018, representing a 2.9 per cent increase over the previous year’s figure of N2.74 trillion.
“Profit Before Tax (PBT) rose by 13.6 per cent from N169 billion in 2017 to N192 billion in 2018.
“Profit After Tax (PAT) similarly rose by 7.8 per cent from N153 billion in 2017 to N165 billion in 2018.
“During the same period, total assets of the bank grew by 2.7 per cent from N4.83 trillion to N4.96 trillion, while shareholders’ fund declined by 3 3 per cent from N698 billion to N675 billion.
“Gross earnings similarly declined by 0.2 per cent from N674 billion in year 2017 to N538 billion in 2018.”
Ovia said that the performance indices of the Group were no less remarkable.
He explained that “the Group’s PBT grew by 16.6 per cent from N199 billion in year 2017 to N232 billion in 2018.
“PAT grew by 10.9 per cent during the period from N174 billion in 2017 to N193 billion in 2018 while customer customers’ deposit grew by 7.3 per cent during the same period from N3.44 trillion to N3.69 trillion.
“Group shareholders’ fund grew by 0.5 per cent from N812 billion in 2017 to N816 billion in 2018, while gross earnings dropped by 15.4 per cent from N745 billion in 2017 to N630 billion in 2018.”
The Zenith Bank’s Managing Director, Peter Amangbo, said the bank would continue to focus on developing a robust risk management framework in promoting the soundness of the financial institution in protecting its assets and ensuring its growth.