Shareholders commend Zenith Bank over dividends

By Odunewu Segun

Shareholders of Zenith Bank have commended it over its decision to pay them N62.79 billion in dividends amounting to N1.80 per share in the year ended December 31, 2015.

Making the commendation at the Annual General Meeting of the Bank in Lagos, duo of Mr. Boniface Okezie, National Chairman, Progressive Shareholders Association; Sir Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria commended the Bank for the performance in view of the global economic climate.

Chairman of the bank, Mr. Jim Ovia, in his address described 2015 as challenging and successful year for Zenith Bank, adding that the concerted efforts of all stakeholders made it possible for the Bank to sustain its profitability streak in the year.

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He said: “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 domestic and global economy, and applying pragmatism and dynamism as appropriate.”

Ovia disclosed that the Group profit before tax grew by 4.9 per cent from N119.80 billion in year 2014 to N125.62 billion. Profit after tax, according to him, jumped by 6.2 per cent during the period from N99.45 billion to N105.66 billion.

The Group total assets similarly rose by 6.7 per cent from N3.76 trillion in 2014 to N4.01 trillion in 2015, while customers’ deposits grew marginally by 0.8 per cent from N2.54 trillion to N2.56 trillion. Group shareholders fund grew by 7.5 per cent from N552.64 billion in 2014 to N594.35 billion; gross earnings similarly grew by 7.2 per cent from N403.34 billion to N432.53 billion in 2015 he said.

In his own remark, Managing Director/CEO, Mr. Peter Amangbo, said Zenith Bank would continuously adjust to the fluctuating appetite and complexity of the customer and remain a customer-centric institution that delights in the success of its customers and businesses.