Zenith shareholders approve N54.943bn total dividend

From Ngozi Onyeakusi, Lagos

Shareholders of Zenith Bank Plc have approved total dividend of N54.943 billion for the financial year ended December 31, 2013 This means that shareholders of the Bank will be smiling home with N1.75 kobo per share.

Shareholders at the event bid farewell to the Group Managing Director of the Bank, Mr Godwin Emefiele as he proceed to commence as the next Central Bank of Nigeria Governor.

Speaking in Lagos at the 23rd annual general meeting, the Chairman of the Bank, Mr Steve Omojafor said that the bank was able to exploit the opportunities within the environment notwithstanding that 2013 was a challenging year for operators in the banking industry.

He said that the result translated into another excellent performance that further attests to the durability and resilience of the brand.

He said that the group profit before tax grew by eight per cent from N102 billion recorded the previous year to N110.59 billion while profit after tax declined by five per cent during the period to N95.318 billion from N100.681 billion achieved in the preceding year.

The group total assets according to him went up by 21 per cent from N2.604 trillion in the corresponding period to N3143 trillion. The gross earnings also rose by 14 per cent during the period from N307.08 billion to N351.47 billion.

He said that the Bank is poised to transform into a commercial bank in line with its international license, adding that the board would take all necessary step to ensure that the bank operates in accordance with his new order.

Addressing the shareholders the outgoing GMD of the Bank said that the decline in profit by five per cent was as result of payment of 2012 deferred tax of N18 billion. He assured investors that the management would work hard to ensure improvement in the areas they made mistake in the previous year.