Zenith Bank Records 24% Growth in Gross Earnings at N945.5bn in 2022

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share.

This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.

Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance.

He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.

Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.

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 2.90 kobo.

Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022.

This 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.

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.

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