Shareholders of Zenith Bank Plc at the annual general meeting in Lagos on Wednesday, approved payment of a final dividend of N55.573bn as recommended by the directors, bringing total dividend for the year ended December 31, 2016 to N63.42bn. The shareholders gave the approval at the Annual General Meeting (AGM) held in Lagos.
While approving the dividend, the shareholders commended the board, management and staff for growing profit after tax by 23% from N105.531bn in 2015 to N129.65bn in 2016.
Addressing the shareholders, Jim Ovia, founding chief executive, now chairman of the bank, 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 the previous year,” Ovia said.
This, he noted, showed 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 added.
Also speaking on the performance, Group Managing Director/Chief Executive of Zenith Bank, 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.
“We shall continue to demonstrate extraordinary commitment to our customers, while maintaining focus on all the areas fundamental to adding value to our partnership,” he assured.
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 s well as our adaptive ability will ensure resounding results.”