Shareholders Give Huge Applause As Zenith Bank Pays Out N63.4billion In Dividend
Shareholders of Zenith Bank
Plc. yesterday approved final dividend of N55.573 billion for the year ended
December 31, 2016, bringing the total payout to N63.422 billion.
The dividend,
which translates to N1.77 per share was paid out of N129.65 billion recorded
for the year.
The
shareholders gave the approval at the Annual General Meeting (AGM) held in
Lagos.
In all, the
bank paid a total dividend of N63.422 billion, having paid an interim dividend
of N7.849 billion before now. In approving the
dividend, the shareholders
commended the board, management and staff for growing its profit after tax by
23 per cent from N105.531 billion in 2015 to N129.65 billion in 2016. The bank
ended the year with gross total assets N4.739 trillion, up from N4 trillion in
2015.
Addressing the
shareholders, Chairman of the Zenith Bank Plc., Mr. Jim Ovia said despite the
challenging operating environment, the bank was able to fully exploit the available
opportunities to post the impressive results.
According to
him, in line with its commitment to delivering superior returns to its
much-valued shareholders, the bank ensured that a good chunk of the profit is
set aside for them.
“In this
regard, we have declared and paid you an interim dividend of 25 kobo per share
in the course of 2016 financial year. We hereby propose a final dividend of 177
kobo per share. This brings the total dividend for the year ended December 31,
2016 to 202 kobo per share as against 180 kobo per share paid he previous
year,” Ovia said.
He stated that
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 local and global economy and applying
pragmatism and dynamism as appropriate. Our strategy and approach to the
pursuit of financial inclusion and sustainability gives us a lot of competitive
advantage to explore even new frontiers in the market,” he said.
Speaking in
the same vein, Group Managing Director/Chief Executive Officer of Zenith Bank,
Mr. Peter Amangbo said as an institution of well-primed people, the bank relied
on a its pool of exceptional staff to make sound and timely decision and
addressed issues in a manner that anticipated developments and demonstrated
excellent understanding of the dynamics of the market and economy in 2016.
He assured
that “We shall continue to demonstrate extraordinary commitment to our customer
s while maintaining focus on all the areas fundamental to adding value to our
partnership.”
Looking ahead, he said although
2017 will come with its challenges, and opportunities, “but I am confident that
our determination, resolve and rare commitment to customer as well as our
adaptive ability will ensure resounding results.”
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