Zenith Bank Pays Shareholders N57bn Dividend

Shareholders of Zenith Bank Plc have approved the payment of N56.51 billion dividends recommended by board of directors of the bank for the financial year ended December 31, 2016.
This translates to N2.20 per share dividend payable to shareholders for the period. The bank paid an interim dividend of 25 kobo and a final dividend of N1.77.
Speaking on behalf of other shareholders at the Annual General Meeting (AGM) held yesterday in Lagos, the national coordinator, Mr. Sunny Nwosu, commended the bank on the performance and dividend recommended, saying that it is in tandem with shareholders’ expectations.
He observed that the performance was commendable in view of the global economic climate, regulatory headwinds and inconsistent policy pronouncements under which the bank operated.
Addressing the shareholders, the chairman of the bank, Mr. Jim Ovia noted that owing to a number of domestic and external factors, the year 2016, without any doubt was a challenging year for operators in the banking industry.
He however said, the bank fully exploited the opportunities within the environment to translate into an excellent performance that stand as a testimony to the durability and resilience of the brand.
Also, the group managing director, Zenith Bank, Peter Amangbo said, “From the financials, the bank recorded a significant increase across all income parameters. Our profit before tax gained 25 per cent from N125.6 billion in 2015 to N156.7 billion in 2016.
“The group declared a final dividend of N1.77 kobo per share which in addition to the 25 kobo per share paid as interim dividend.”
He added that “As a bank we have always conservative and professional when it comes how we run our business.
“Banking is a very risky business and we very mindful of impairment. We take absolute care in granting loans. If you look at our Non-Performing Loan to total Loans, it is about one of the best in the industry at 3.1 per cent.
“We will continue to work very hard on that to ensure that impairment charges is maintained at the lowest level.”
For the year 2017, Amangbo stated that the bank has started on a very positive note, saying “We want to enhance shareholders value and we hope with the support of staff and customers, 2017 will be a good for Zenith Bank.”

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