<p class="wp-block-paragraph">It was a session of applause and jubilation as Zenith Bank Plc, on Monday, March 16, 2020 held its 29th Annual General Meeting (AGM) in Abuja, Nigeria, during which the Bank’s shareholders unanimously approved the proposed final dividend of N2.50 per share, bringing the total dividend payment for the 2019 financial year to N2.80 per share with a total value of N87.9 billion. This followed the recent release of the Bank’s audited financial results for the 2019 financial year.</p>



<p class="wp-block-paragraph">According
to the Chairman of the Board, Mr Jim Ovia (CON), the AGM was an opportunity for
the bank to engage shareholders on its 2019 financial year performance. In his
statement, Mr Jim Ovia said “Zenith Bank is committed to consistently deliver
superior returns to our highly esteemed shareholders by ensuring that a good
chunk of our profit is set aside for you. In a clear demonstration of this, we
had declared and paid you an interim dividend of 30kobo per share in the course
of the 2019 financial year. We hereby propose a final dividend of N2.50kobo per
share. If approved, this will bring the total dividend for the year ended
December 31, 2019, to N2.80kobo per share”.</p>



<p class="wp-block-paragraph">Zenith
Bank reaffirmed its leading position in the Nigerian banking industry posting
an impressive Profit Before Tax (PBT) of N243bn, representing a 5 per cent
increase over the N231.6bn recorded in the corresponding period of 2018. Profit
after Tax (PAT) stood at N208.8bn over N193bn, an increase of 8 per cent, thus
making Zenith Bank the first Nigerian bank to cross the 200billion Naira mark.</p>



<p class="wp-block-paragraph">The
bank’s result showed an increase in gross earnings from N662bn to N630bn,
indicating dominance in market share, while its assets grew by 5 per cent from
the N5.9 trillion to N6.3 trillion, a growth driven by the 29% increase in
non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019. The
Bank’s fees on electronic products continue to grow significantly with a 108%
Year-on-Year (YoY) from N20.4 billion in 2018 to N42.5 billion in 2019. </p>



<p class="wp-block-paragraph">The
drive for cheaper retail deposits coupled with the low-interest yield
environment helped reduce the cost of funding from 3.1% to 3.0%. However, this
also affected net interest margin, which reduced from 8.9% to 8.2% in the
current year due to re-pricing of interest-bearing assets. Although returns on
equity and assets held steady YoY at 23.8% and 3.4% respectively, the Group
still delivered an improved Earnings per Share (EPS) which grew 8% from N6.15
to N6.65 in the current year.</p>



<figure class="wp-block-image size-large"><img src="https://openlife.ng/wp-content/uploads/2020/03/Zenith-AGM-2-1024x672.jpg" alt="" class="wp-image-2617"/><figcaption><br> <strong>Chairman, Zenith Bank Plc, Mr Jim Ovia (Centre) flanked by the Group Managing Director/ CEO, Mr. Ebenezer Onyeagwu (Left) and the Deputy Managing Director, Dr. Adaora Umeoji (Right) at the 29th Annual General Meeting, Shehu Musa Yaradua Centre, Abuja on Monday, March 16, 2020. </strong></figcaption></figure>



<p class="wp-block-paragraph">The
Group created new viable risk assets as gross loans grew by 22% from N2.016
trillion to N2.462 trillion. This was executed prudently at a low cost of risk
of 1.1% and a significant reduction in the non-performing loan ratio from 4.98%
to 4.30%. Prudential ratios such as liquidity and capital adequacy ratios also
remained above regulatory thresholds at 57.3% and 22.0% respectively.</p>



<p class="wp-block-paragraph">Financial
analysts noted this unprecedented feat by a Nigerian Bank as remarkable, and an
indication of strong financial leadership and resilience.</p>



<p class="wp-block-paragraph">As a
testament to this superlative performance, the bank emerged as the Most Valuable
Banking Brand in Nigeria, for the third consecutive year, in the recently
released Banker Magazine “Top 500 Banking Brands 2020”, the Best Bank in
Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020 and the Bank
of the Decade (People’s Choice) at the Thisday Awards 2020. ; In addition, the Bank was also voted as the
Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital
Bank in Nigeria 2019 by Agusto &; Co. </p>

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