Zenith Bank Declares ₦195.67 Billion Dividend, Projects Stronger Returns After Record-Breaking Year
Zenith Bank Plc has reaffirmed its industry leadership by declaring a total dividend payout of ₦195.67 billion for the 2024 financial year, rewarding shareholders with ₦5.00 per share, including a final dividend of ₦4.00 approved at its 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos.
Founder and Chairman, Dr. Jim Ovia, CFR, expressed appreciation to shareholders for their unwavering support, which he said has consistently driven the bank’s exceptional performance. Reflecting on the challenges of 2024, Ovia noted that Zenith Bank leveraged market opportunities across its subsidiaries to deliver robust growth, reinforcing its brand resilience.
Making her first AGM appearance as Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, pledged continued value creation for investors. “We are committed not just to meeting your expectations but exceeding them,” she said. “Having completed our recapitalization with 160% subscription, Zenith Bank has the capital strength to scale sustainably and deliver even greater shareholder returns.”
Dr. Umeoji, the bank’s first female CEO, highlighted Zenith’s focus on organic growth, corporate governance, and innovation as key to future profitability. She emphasized that dividend payments would continue on an upward trajectory, aligned with the bank’s expanding topline and bottom-line performance.
Shareholders Celebrate Unmatched Track Record
Shareholders at the AGM hailed the bank’s consistency and performance. Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the leadership team for surpassing earnings projections, noting that profits and shareholders’ funds have now crossed the ₦1 trillion mark.
Chairman of the Trusted Shareholders Association of Nigeria, Alhaji Otunba Mukhtar Mukhtar, praised Zenith’s unmatched dividend culture, saying: “No bank in Nigeria has matched this level of consistency. This year’s ₦1.3 trillion profit before tax is truly remarkable.”
Ambassador Dr. Olatunde Okelana described his investment in Zenith Bank as the best financial decision of his life, calling the dividend policy “palatable and investor-friendly.” He urged more Nigerians to invest in the bank for long-term gains.
Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, echoed similar sentiments, saying, “Zenith Bank is a fortress for investors. They have never failed to deliver on their promises.”
2024 Financial Highlights
Zenith Bank posted a 86% year-on-year growth in gross earnings, rising from ₦2.13 trillion in 2023 to ₦3.97 trillion in 2024. Interest income surged by 138%, fueled by investments in high-yield government securities and an expanded loan book. Customer deposits rose by 45%, while total assets grew by 47%, underlining market confidence and strategic balance sheet management.
Industry Recognition
The bank’s strong financial performance has earned it multiple accolades. In 2024 alone, Zenith Bank was named the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year by The Banker Magazine. It also received “Bank of the Year (Nigeria)” from The Banker and “Best Bank in Nigeria” by Global Finance for the fourth time in five years.
With a fortified capital base, record-breaking earnings, and an unwavering focus on shareholder value, Zenith Bank is positioning itself for even greater milestones in the years ahead.
