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Zenith Bank showers shareholders with N94.19bn dividend

Adewale Nurudeen

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Zenith Bank remains ‘Best Bank in Nigeria’

Zenith Bank Plc has said it will reward its shareholders with improved dividend payout of N94.19bn.

It said that during its 30th annual general meeting in Lagos, its shareholders unanimously approved the proposed final dividend of N2.70 per share, bringing the total dividend payment for the 2020 financial year to N3 per share with a total value of N94.19bn.

A statement from the bank on Tuesday titled ‘Zenith Bank rewards shareholders with improved dividend payout of N94.19bn’ stated that this followed the recent release of the bank’s audited financial results for the 2020 financial year.

According to the audited financial results, profit before tax rose by five per cent to N255.9bn from N243.3bn reported in the previous year despite a challenging macro-economic environment exacerbated by the COVID-19 pandemic.

The increase arose from a mixture of growth in the topline and a significant reduction in interest expense from N148.5bn in 2019 to N121.1bn in 2020, significantly increasing the net interest income from N267bn in 2019 to N299.7bn in 2020.

The group recorded a growth in gross earnings of five per cent from N662.3bn in the previous year to N696.5bn.