Zenith Bank holds AGM, delivers impressive results
Zenith Bank Nigeria Plc., a leading multinational financial service provider held her 29th Annual General Meeting in Abuja recently. During the meeting, shareholders of the avant-garde financial institution consentaneously agreed on the proposed final dividend of N2.50 per share, summing the total dividend payment for the 2019 financial year to N2.80 per share with a total value of N87.9 billion.
Recall that Zenith Bank is the first indigenous bank to cross the N200 billion mark, a feat that has not been achieved by any Nigerian Bank.
According to Zenith Bank audited financial results for the year 2019, Zenith Bank recorded a profit after tax (PAT) of N208.8 billion which amount to an eight percent increment compared with the N193 billion registered in the previous year. The bank uptick their growth in gross earnings of five percent, advancing from N630.3 billion to N662.3 billion as reported in the previous year.
The growth is a result of a 29 percent increase in non-interest income from N179.9 billion in 2008 to N231.1 billion in 2019.
The reports also showed that the bank fees on electronic products has been growing significantly with a 108 percent year-on-year (Y-o-Y ) growth from N20.4 billion in 2018, to N42.5 billion in the current year. The bank’s audited financial result for 2019 is an indication of the validity it transformation plan, which continually delivers impressive results.
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