Banking Sector
Zenith Bank to Pay N94.19 Billion Final Dividend for 2020
Zenith Bank Plc, one of Nigeria’s leading banks, on Tuesday announced the final approval of the proposed N94.19 billion dividend payment for the year ended December 31, 2020.
Shareholders approved the lender’s N2.70 final dividend and commended the board and management of Zenith Bank for the improved financial results and dividend payment of N3 per share.
The bank paid N0.30 interim dividend last year and a final dividend of N2.70 was recommended and approved by shareholders on Tuesday.
Zenith Bank posted gross earnings of N696.5 billion for 2020 financial year, an increase of 5 percent from N662.3 billion recorded in the previous year.
Non-interest income rose by 8 percent to N251.7 billion in 2020, up from N232.1 billion achieved in 2019.
Profit before tax grew by 5 percent to N255.9 billion during the period while interest expense reduced to N121.1 billion in 2020, down from N148.5 billion in 2019.