Caption: Chairman of Zenith Bank Plc, Dr. Jim Ovia, flanked by the bank’s Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (left), and the Company Secretary, Micheal Otu (right), during the 32nd Annual General Meeting (AGM) held in Lagos on Tuesday, May 2, 2023.
Zenith Bank Plc held its annual general meeting virtually from Lagos, on Tuesday, 2 May 2023, where the shareholders unanimously approved the payment of N2.90 per share as final dividend as proposed by the board, bringing total pay-out for the 2022 financial year to N3.20 each, or N100.47bn.
In his opening statement at the event, Ovia expressed gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.
Despite challenging macroeconomic conditions, the group achieved a 24% growth in gross earnings, from N765.6bn in the previous year to N945.5bn in 2022.
This, the bank said, was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.
Onyeagwu, in his review noted the bank’s continued superior performance, highlighting the determination of the board and management to maintaining the growth trajectory in the coming years, with an emphasis on digital and retail banking.
Commenting on the company’s performance in the period under review, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), noted the consistent delivery of value to shareholders, despite the challenging economic environment.
He also praised the bank’s staff for their loyalty and dedication, while Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the board and management for the outstanding performance that led to approving both an interim and final dividend during the year.
Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of N2.90 each.
In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.