Zenith Bank pays N11.3bn dividend and issues 1 for 4 bonus

Details: Category: Business and Economy; Published on Tuesday, 30 March 2010 08:37; Written by Admin; Hits: 1711

The Zenith Bank Group has proposed a dividend pay out of N11.3 billion and a bonus of one-for-four for the reporting period ended December 31, 2009; thus, delivering on its promise of continued enhancement of shareholders value.

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The bank’s result which was released on the floor of the Nigerian Stock Exchange (NSE) in Lagos, on Monday, showed a pre-tax profit of N35 billion and a profit after tax of N20.6 billion out of which over N11 billion has been set aside for dividend payout.

During the period under review, the Zenith group recorded gross revenue of N277 billion, up from N211 billion in 2008, representing a 31 per cent revenue growth and increasing dominance in its market share.
In achieving this great feat, the group leveraged on its strong liquidity, capital base and more efficient ICT enabled service.

The result was commended by financial analysts and investors as an outstanding one, as it showed the ability of Zenith Bank to sustain its performance, raise the bar of competition and continuously meet the expectations of shareholders in the face of daunting economic challenges.

The bank’s liquidity ratio stood at 60 per cent and is more than double the 25 per cent minimum regulatory requirement.

This very strong liquidity position is the product of well articulated risk management policies and practices.