Zenith Bank shareholders approve N63.4bn dividend, commend board on performance

SHAREHOLDERS of Zenith Bank Plc have approved final dividend of N55.573 billion, bringing the total dividend for the year ended December 31, 2016 to N63.422 billion.

The shareholders gave the approval at the Annual General Meeting (AGM) held at the Civic Centre in Lagos on Wednesday.

While approving the dividend, the shareholders commended the board, management and staff for growing its profit after tax by 23 per cent from N105.531 billion in 2015 to N129.65 billion in 2016. The bank ended the year with gross total assets N4.739 trillion, up from four trillion naira in 2015.

Speaking on behalf of the shareholders, Chief Timothy Adesiyan, President of the Nigerian Shareholders Solidarity Association (NSSA), noted that the Zenith Bank’s board of directors, management and members of staff had done well with the impressive results presented.

“We appreciate the growth in Earnings by 17 per cent from N432 billion in 2015 to N507.9 billion in 2017. All these growth might seem simple but when we look at the economy situation in the country and the storm which staff, management and board had gone through to attain these results, you will agree with me that they have done very well.”

Addressing the shareholders, Chairman of the Zenith Bank Plc, Mr Jim Ovia said despite the challenging operating environment, the bank was able to fully exploit the available opportunities to post the impressive results.

According to him, in line with its commitment to delivering superior returns to its much-valued shareholders, the bank ensured that a good chunk of the profit is set aside for them.

“In this regard, we have declared and paid you an interim dividend of 25 kobo per share in the course of 2016 financial year. We hereby propose a final dividend of 177 kobo per share. This brings the total dividend for the year ended December 31, 2016 to 202 kobo per share as against 180 kobo per share paid the previous year,” Ovia said.

He stated that even 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 local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” he said.

Speaking in the same vein, Group Managing Director/Chief Executive Officer of Zenith Bank, Mr Peter Amangbo said as an institution of well-primed people, the bank relied on a its pool of exceptional staff to make sound and timely decision and addressed issues in a manner that anticipated developments and demonstrated excellent understanding of the dynamics of the market and economy in 2016.

He assured that the bank would continue to demonstrate commitment to its customers while maintaining focus on all the areas fundamental to adding value to our partnership.

Looking ahead, he said although 2017 will come with its challenges, and opportunities, “but I am confident that our determination, resolve and rare commitment to customer as well as our adaptive ability will ensure resounding results.”

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