Zenith Bank, one of Nigeria’s leading financial institutions, is set to distribute dividends totaling N109.88 billion to its shareholders for the 2023 financial year.
The announcement was made as part of the bank’s annual report filed with the Nigerian Exchange Limited on Monday.
The dividends amount to N4.00 per share. This includes a final dividend of N3.50 per share and an interim dividend of N0.50 per share paid earlier in the year.
The proposed dividends are subject to approval by shareholders at the next Annual General Meeting (AGM) and are payable from the retained earnings accounts as of December 31, 2023.
Throughout the fiscal year, Zenith Bank’s gross earnings surged by 125.50 percent to N2.13 trillion compared to N945 billion in the previous year.
The increase in gross earnings contributed to the bank’s impressive profit after tax, which increased to N676.91 billion, an increase from N223.91 billion recorded in 2022.
This positive performance was driven by the increase in interest and similar income, which rose to N1.14 trillion from N540 billion.
However, the bank experienced a decline in net income on fees and commission, dropping to N109.31 billion from N132.79 billion in 2022, indicating a 17.68 percent decrease.
This decline was attributed to an increase in fees and commission expenses, which grew to N68.21 billion from N24.42 billion in the previous year.
Also, Zenith Bank disclosed various operational expenses incurred during the year, including insurance premiums paid to Zenith General Insurance Limited and Prudential Zenith, as well as payments for information technology services rendered by Cyberspace Network.
