{"id":79223,"date":"2021-03-21T15:30:55","date_gmt":"2021-03-21T14:30:55","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=79223"},"modified":"2021-03-21T15:30:55","modified_gmt":"2021-03-21T14:30:55","slug":"zenith-bank-rewards-shareholders-with-improved-dividend-payout-of-n94-19-billion","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/zenith-bank-rewards-shareholders-with-improved-dividend-payout-of-n94-19-billion\/","title":{"rendered":"ZENITH BANK REWARDS SHAREHOLDERS WITH IMPROVED DIVIDEND PAYOUT OF N94.19 BILLION"},"content":{"rendered":"
\n
Shareholders of Zenith Bank Plc, on Tuesday at the 30th Annual General<\/div>\n
\n
\n

Meeting of the Bank held at the Civic Centre, Victoria Island, Lagos,
\nunanimously approved the proposed final dividend of N2.70 per share,
\nbringing the total dividend payment for the 2020 financial year to N3.00
\nper share with a total value of N94.19 billion. This followed the recent
\nrelease of the Bank\u2019s audited financial results for the 2020 financial
\nyear.<\/p>\n

According to the audited financial results, profit before tax (PBT) rose
\nby 5% to N255.9 billion from N243.3 billion reported in the previous
\nyear despite a challenging macro-economic environment exacerbated by the
\nCOVID 19 pandemic.<\/p>\n

The increase arose from a mixture of growth in the topline and a
\nsignificant reduction in interest expense from N148.5 billion in 2019 to
\nN121.1 billion in 2020, significantly increasing the net interest income
\nfrom NGN267.0 billion in 2019 to NGN299.7 billion in 2020.<\/p>\n

The Group recorded a growth in gross earnings of 5% from N662.3 billion
\nin the previous year to N696.5 billion. The Group recorded 8% growth in
\nnon-interest income from NGN232.1 billion in 2019 to NGN251.7 billion in
\n2020 and a 1% increase in interest income from NGN415.6 billion in 2019
\nto NGN420.8 billion in 2020.<\/p>\n

The Group’s increased retail activities translated to a corresponding
\nincrease in retail deposits and loans. Thus, retail deposits grew by
\nNGN612.7 billion from NGN1.11 trillion to NGN1.72 trillion year-on-year
\n(YoY), while savings balances significantly grew by 88% YoY and closed
\nat NGN1.16 trillion. This retail drive, coupled with the low-interest
\nyield environment, helped reduce the cost of funding from 3.0% to 2.1%
\nand reduced interest expense.\u00a0 However, the low-interest environment
\nalso affected the net interest margin, which declined from 8.2% to 7.9%
\nin the current year due to the re-pricing of interest-bearing assets.
\nOperating costs grew by 10% YoY but are still tracking well below
\ninflation which at the end of the year stood at 15.75%. Although returns
\non equity and assets also reduced from 23.8% to 22.4% and from 3.4% to
\n3.1%, respectively, the Group still delivered improved Earnings per
\nShare (EPS), which grew 10% from NGN6.65 to NGN7.34 in the current year.<\/p>\n

The Group equally increased corporate customer deposits, which alongside
\nthe growth in retail deposits, delivered total deposit growth of 25%, to
\nclose at N5.34 trillion, driving growth in market share. Total assets
\nalso increased significantly by 34%, from N6.35 trillion to N8.48
\ntrillion. Despite the COVID-19 pandemic and its associated challenges,
\nthe Group managed to create new viable risk assets as gross loans grew
\nby 19%, from N2.46 trillion to N2.92 trillion. This was achieved while
\nmaintaining a stable and low overall NPL ratio of 4.29% (2019: 4.3%)
\nacross the entire portfolio and an increase in the cost of risk from
\n1.1% to 1.5%, reflecting the elevated risk environment in 2020.\u00a0 The
\nGroup recorded impressive liquidity and capital adequacy ratios of 66.2%
\nand 23.0% and remained above regulatory thresholds of 30% and 15%,
\nrespectively.<\/p>\n

In recognition of its track record of excellent performance, Zenith Bank
\nwas voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year
\nAwards 2020, Best Bank in Nigeria in the Global Finance World’s Best
\nBanks Awards 2020 and Best Corporate Governance ‘Financial Services’
\nAfrica 2020 by the Ethical Boardroom. Also, the bank emerged as the Most
\nValuable Banking Brand in Nigeria, for the fourth consecutive year, in
\nthe Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in
\nNigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking
\npublished by The Banker Magazine. Similarly, the bank was recognised as
\nBank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail
\nBank of the year at the 2020 BusinessDay Banks and Other Financial
\nInstitutions (BOFI) Awards, and Best Company in Promotion of Good Health
\nand Well-Being as well as Best Company in Promotion of Gender Equality
\nand Women Empowerment at the Sustainability, Enterprise and
\nResponsibility (SERAS) Awards 2020.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shareholders of Zenith Bank Plc, on Tuesday at the 30th Annual General Meeting of the Bank held at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend…<\/p>\n","protected":false},"author":1,"featured_media":69010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-79223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\nZENITH BANK REWARDS SHAREHOLDERS WITH IMPROVED DIVIDEND PAYOUT OF N94.19 BILLION - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/zenith-bank-rewards-shareholders-with-improved-dividend-payout-of-n94-19-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZENITH BANK REWARDS SHAREHOLDERS WITH IMPROVED DIVIDEND PAYOUT OF N94.19 BILLION - 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