Zenith Bank Plc has announced a final dividend of NGN4.00 per share, culminating in a total dividend of NGN5.00 per share for the 2024 financial year. This represents a total payout of NGN195.67 billion, highlighting the bank’s commitment to delivering exceptional value to its shareholders.
The figures were announced at the bank’s 34th annual general meeting (AGM) held at the Civic Centre, Victoria Island, Lagos on Tuesday.
Speaking at the AGM, founder and chairman of Zenith Bank Jim Ovia expressed gratitude to shareholders for their unwavering support, attributing the bank’s resilience and stellar performance to their commitment. He noted that despite global challenges in 2024, the bank capitalised on opportunities within its subsidiaries to achieve outstanding results, reaffirming its position as a leading financial institution.
Group managing director/chief executive officer Adaora Umeoji addressed shareholders for the first time in her capacity as the bank’s first female GMD/CEO. She acknowledged the confidence reposed in her leadership and pledged to exceed shareholder expectations.
“Zenith Bank is committed to, not only meeting your expectations but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come,” she stated.
Umeoji also emphasised the bank’s robust capital position, noting the successful completion of its recapitalisation exercise, which achieved 160% subscription.
Zenith Bank’s 2024 financial performance highlighted a remarkable 86% growth in gross earnings, rising from NGN2.13 trillion in 2023 to NGN3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, underpinned by investments in high-yield government securities and loan book expansion. Customer deposits surged by 45%, reflecting market leadership and customer trust, while total assets grew by 47%, supported by strong liquidity and effective balance sheet management.
President of the Association of the Rights of Nigerian Shareholders (AARNS) Dr. Faruk Umar lauded the bank’s leadership and financial growth.
“We are very happy that the bank is paying us N5. Most importantly, the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have. They also surpassed the capitalisation threshold of CBN by 160% – this is unprecedented. We are very happy with their performance,” he said.
Other shareholders echoed similar sentiments.
Speaking on the dividend payout, Mukhtar Mukhtar, chairman, Trusted Shareholders Association of Nigeria, said, “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders richer, happier, and more excited at the hard work, performance and commitment of the bank. We are very happy. If you look at the profit before tax and the profit after tax, they have been able to cross the N1 trillion threshold. They have given us a profit before tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the chairman Dr. Jim Ovia, CFR, the management and the board for such an outstanding performance.”
Olatunde Okelana, the Balogun Olugbon of Orile-Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the founder and chairman, is a benefit to mankind; he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labour as soon as possible. I am very happy to be a shareholder of this bank.
Timothy Adesiyan, president of the Shareholders Solidarity Association of Nigeria, praised the chairman and management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”
Zenith Bank’s performance has continued to earn it numerous accolades. In 2024, the bank was named the number one bank in Nigeria by tier-1 capital for the fifteenth consecutive year in The Banker Magazine’s Top 1000 World Banks Ranking. It also clinched the bank of the year (Nigeria) title at The Banker’s Bank of the Year Awards and was named best bank in Nigeria in the Global Finance World’s Best Banks Awards for the fourth time in five years.
