Zenith Bank to pay N87.81bn dividends to shareholders

Zenith Bank Plc is set to pay N87.81bn worth of dividends to its shareholders for the 2018 financial year, following their approval at the bank’s Annual General Meeting in Lagos on Monday.

The shareholders approved the proposal of the board to pay 250 kobo per share as dividends for the 2018 financial year.

The directors proposed a final dividend of 250 kobo per share in addition to the 30 kobo per share earlier paid as interim dividend, bringing the total amount of dividends payable to 280 kobo per share, as against the 270 kobo per share paid in 2017.

The Chairman, Zenith Bank, Mr Jim Ovia, said the bank remained committed to delivering superior returns to its shareholders by ensuring that a good chunk of its profits was set aside for them.

He said though 2018 was very challenging, the bank was able to fully exploit the opportunities within the environment to record a performance that attested to its durability and resilience as a brand.

Ovia said, “Clearly, the results are, once again, a reflection of the exceptional financial health of the bank and the group.

“For the bank, the total deposits were N2.82tn for the 2018 financial year, which is a 2.9 per cent increase over the previous year’s figure of N2.754tn. As a group, the performance indices were no less remarkable.”

He added that while the bank’s profit before tax rose by 13.6 per cent to N192bn from the N169bn recorded in 2017, the group’s profit before tax increased by 16.6 per cent to N232bn from N199bn in 2017.

Similarly, the bank’s profit after tax rose by 7.8 per cent to N165bn from N153bn in 2017, while that of the group increased by 10.9 per cent to N193bn from N174bn in 2017.

According to the chairman’s statement, the group’s total assets grew by 6.4 per cent from N5.60tn to N5.96tn, while shareholders’ fund increased by 0.5 per cent from N812bn to N816bn.

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