BusinessZenith Bank To Pay N109bn Dividend As Post-Tax Profit Soars 194.2% To...

Zenith Bank To Pay N109bn Dividend As Post-Tax Profit Soars 194.2% To N676.91bn

April 9, (THEWILL) – The shareholders of Zenith Bank would get about N109.88 billion as dividends for the 2023 financial year as its profit after tax hit N676.91 billion.
This was disclosed in the annual report, which was filed with the Nigerian Exchange Limited on Monday.

Announcing the dividends, the bank, which is in the process of transitioning into a holding company, said, “The Board of Directors, pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria, proposed a final dividend of N3.50 per share which in addition to the N0.50 per share as interim dividend amounts to N4.00 per share (2022: Interim dividend of N0.30 per share, final dividend of N2.90 and a total dividend per share of N3.20) from the retained earnings accounts as at 31 December 2023.

“This will be presented for ratification by the shareholders at the next Annual General Meeting. Payment of dividends is subject to withholding tax rate of 10 percent in the hands of qualified recipients.”

During the period under review, the gross earnings of the bank rose by 125.50 percent to N2.13 trillion from N945 billion.

Similarly, its profit after tax was up to N676.91 billion from N223.91 billion in 2022 on the back of significant increases in interest and similar income, which rose to N1.14 trillion from N540 billion.

However, net income on fees and commissions dropped to N109.31 billion from N132,79 billion in 2022, indicating a 17.68 percent decline.

Zenith Bank Plc recently emerged as the Best Bank in Nigeria in the Global Finance Best Banks Awards 2024, winning the award for the fourth time since 2019.

The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 31st Annual Best Bank Awards Winners.

About the Author

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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