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N48.665bn Dividend Paid To Zenith Bank Shareholders

Shareholders of Zenith Bank Plc had yesterday received N48.665 billion as final dividend for the year ended 31 December, 2015.

The shareholders of the bank unanimously approved the payment of N1.55 kobo per ordinary share in the cause of the 2015 financial year.

The bank which had late last year paid interim dividend of 25 kobo per share amounted to N7.849 billion to the shareholders.

Commenting on the performance of the bank at its 25 annual general meeting held in Lagos yesterday, a leader of shareholders group, Chief Timothy Adesiyan said in spite of many global challenges, Zenith Bank still able to record a successful report in 2015.

Adesiyan applauded the efforts of directors and management of the bank in reporting growth in the financial.

He advised the bank to avoid regulators sanctioning, saying regulators are making use of every opportunities to extort banks.

In his own, National Chairman Progressive Shareholders Association of Nigeria, Okezie Boniface, said urged the management of the bank to implement better strategies that would improve the bank’s performance at the end of current financial year.

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“The concern of shareholders is to get return on their investment and Zenith Bank meet up with our expectation even in a better way. The return we get from Zenith Bank is the best in the industry”, he said.

Also, National Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, commended the bank’s board for impressive performance of 2015.

This is a wonderful result and one of the best in the industry, I will urge the company to continue with impressive results, Nwosu affirmed.

Reviewing the 2015 financial year, the Chairman of Zenith Bank, Mr. Jim Ovia said, “The bank has remains committed to delivering superior returns to our shareholders as we declared an interim dividend of 25 kobo per share and a final dividend of N1.55, bringing the total dividend for the period to N180 as against N175 per share paid the previous year.”

He noted that owing to a number of domestic and external factors, 2015 was a very challenging year for operators in the banking industry.

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For the bank, total deposits was N2.33 trillion for the year ended December 31, 2015,n representing a three per cent over the previous year’s figure of N2.27 trillion. Also profit after tax rose by 6.8 per cent from N92.48 billion in 2014 to N98.78 billion.

Gross earnings similarly grew by 6.6 per cent from N372.01 billion in year 2014 to N396.65 billion in 2015.

For the group, the performance indices were also impressive as profit after tax jumped by 6.2 per cent from N99.45 billion to N105.66 billion. Total asset rose by 6.7 per cent, from N3.67 trillion to N4.01 trillion in 2015, while customers’ deposits grew marginally by 0.8 per cent during the same period, from N2.54 trillion to N2.56 trillion.

Shareholders fund grew by 7.5 per cent, from N552.64 billion in 2014 to N594.35 billion and gross earnings similarly grew by 7.2 per cent, from N403.34 billion in 2014 to N432.53 billion in 2015.

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The Chairman however said, in the face of a very challenging operating environment, Zenith Bank has maintained its culture of outstanding performance and industry leadership.

“As a bank, we are monitoring developments both in the domestic and global economy and applying pragmatism and dynamism, as appropriate.”

Also speaking at the meeting, the managing director of Zenith Bank, Mr. Peter Amangbo added that the bank will continue to build a strong portfolio which is an important disposition for an effective and efficient model, saying this is expected to further impact business options in line with extant dynamics and influence prospects open to the bank.