Shareholders of Zenith Bank Plc have approved a final dividend payout of N4.00 per share, bringing the total dividend for the 2024 financial year to N5.00 per share. This amounts to a total distribution of N195.67 billion to shareholders. The approval was given during the bank’s 34th Annual General Meeting held on Tuesday in Lagos.
The Chairman and Founder of Zenith Bank, Jim Ovia, expressed gratitude to shareholders for their continued loyalty and support, which he said had been instrumental in the bank’s consistent growth and resilience. He noted that the bank successfully navigated the turbulent global environment in 2024 by leveraging growth opportunities across its subsidiaries and maintaining operational stability.
The Group Managing Director and Chief Executive Officer, Adaora Umeoji, who was attending her first AGM in her new role, also thanked shareholders for their confidence in her leadership. She reassured them of Zenith Bank’s commitment to sustainable growth, with a promise to keep dividend payments rising in line with the bank’s performance.
Umeoji highlighted that Zenith Bank had successfully completed its recapitalisation exercise, recording a 160 percent subscription. As a result, she said the bank was not under pressure to raise more funds and would focus on organic growth supported by robust capital buffers and strong corporate governance.
Reacting to the dividend declaration, Faruk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the bank’s leadership for maintaining impressive financial results. He noted that Zenith Bank’s profit and shareholders’ funds had surpassed the trillion-naira mark, which he described as a major milestone in Nigeria’s banking sector.
Otunba Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, also applauded the bank’s consistent dividend history and said the N5 dividend payout, alongside the bank’s profit before tax of N1.3 trillion, reflected sound financial management and high shareholder value.
Umeoji also took the opportunity to highlight several recent recognitions the bank had received. Zenith Bank was named the Number One Bank in Nigeria by Tier-1 Capital for the 15th year in a row in the 2024 Top 1000 World Banks Ranking by The Banker Magazine. The bank also received the Bank of the Year (Nigeria) award in 2020, 2022, and 2024, as well as Best Bank in Nigeria in four of the last five years from Global Finance.
In its 2024 financial report, Zenith Bank recorded a 138 percent increase in interest income, driven by strong investment in high-yield government securities and significant loan book expansion. Gross earnings rose by 86 percent to N3.97 trillion, up from N2.13 trillion in 2023. Customer deposits climbed by 45 percent, while total assets rose by 47 percent, reflecting the bank’s strengthened financial position.
Last year, Zenith Bank shareholders had also approved a record N125 billion dividend proposed by the board, reinforcing the institution’s reputation for delivering value to its investors year after year.
