Zenith Bank declares N4 final dividend as full year profit crosses N1trn

Zenith Bank Plc has released its audited results for the year ended December 31, 2024.

The Group’s gross earnings increased by 86 percent while its profit before tax (PBT) increased by 67 percent.

Highlights of the Group’s operating results for the year under review show gross earnings rose to N3.970trillion in 2024 from N2.131 trillion in 2023.

Profit before tax rose to N1.326trillion from N795.962 billion in 2023. The Group’s profit after tax (PAT) rose to N1.032trillion from N676.909billion in 2023.

Basic and diluted earnings per share (Naira) rose to N32.87 from N21.55 in 2023.

Related News

Following the impressive scorecard in 2024, the Board of Directors proposed a final dividend of N4 per share which in addition to the N1 per share as interim dividend amounts to N5 per share (2023: Interim dividend of N0.50 per share, final dividend of N3.50 and a total dividend per share of N4) from the retained earnings accounts as at 31 December 2024.

This proposed dividend will be presented for ratification by the shareholders at the bank’s next Annual General Meeting (AGM). The payment of dividends is subject to witholding tax rate of 10 percent in the hands of qualified recipients.

The bank issued additional 9,673,336,214 shares through a combination of right issue and public offer. This has moved the total number of shares to 41,069,830,001. Approval for the allotment of the newly issued share was outstanding as at December 31, 2024.

The allotment of the newly issued shares was approved by the Securities and Exchange Commission (SEC) on January 23, 2025.

On January 23, 2025, the bank received approval for the allotment of its newly issued shares. The total number of additional shares raised by the bank through the capital raise exercise is 9,673,336,214. This brings the total number of issued shares of the bank from a previous 31,396,493,787 units to a current 41,069,830,001 units.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.