Zenith Bank’s 34th AGM: A Triumphant Celebration of Financial Strength and Shareholder Value
The 34th Annual General Meeting (AGM) of Zenith Bank Plc, held in Lagos, marked a resounding endorsement of the bank’s exceptional financial performance and its unwavering commitment to shareholder value. Shareholders enthusiastically approved a final dividend of N4.00 per share, culminating in a total dividend of N5.00 per share for the 2024 financial year. This impressive payout translates to a staggering N195.67 billion distributed amongst the bank’s valued shareholders, a testament to the bank’s robust profitability and its dedication to rewarding investor confidence.
The AGM served as a platform for key figures to acknowledge the collective efforts that propelled Zenith Bank’s success. Jim Ovia, the Chairman and Founder, expressed his profound gratitude to the shareholders for their enduring support, recognizing their crucial role in the bank’s consistent growth trajectory. He highlighted the bank’s ability to navigate the turbulent global economic landscape of 2024, attributing its resilience to the strategic leveraging of opportunities across its diverse subsidiaries. This proactive approach allowed Zenith Bank to not only weather the storm but also to capitalize on emerging prospects, further solidifying its position as a leading financial institution.
Adaora Umeoji, the Group Managing Director/Chief Executive Officer, marked her inaugural AGM at the helm of Zenith Bank with a message of gratitude and assurance. She thanked the shareholders for their trust in her leadership and pledged the bank’s unwavering commitment to sustained growth. Umeoji emphasized the bank’s robust financial standing, highlighting the successful completion of a recapitalization exercise with an impressive 160% subscription. This achievement, she explained, eliminated the need for further fundraising, leaving Zenith Bank well-capitalized and poised for organic expansion while adhering to stringent corporate governance principles. The message was clear: Zenith Bank is not just surviving; it is thriving.
Representatives of shareholder associations echoed the sentiments of appreciation and confidence. Faruk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, commended the bank’s leadership for both the generous dividend and the remarkable growth across key financial indicators. He emphasized the significance of Zenith Bank surpassing the trillion-naira mark in both profit and shareholders’ funds, a feat that underscores the bank’s exceptional financial strength and stability. Otunba Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, also lauded the bank’s consistent dividend history, highlighting the N5.00 payout and the N1.3 trillion pre-tax profit as indicators of sound financial management and a commitment to maximizing shareholder value.
Umeoji further underscored Zenith Bank’s dominance in the financial sector, citing its recognition as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in The Banker Magazine’s 2024 Top 1000 World Banks Ranking. She also highlighted a string of prestigious awards, including the Bank of the Year (Nigeria) award in 2020, 2022, and 2024, and the Best Bank in Nigeria award from Global Finance in four of the past five years. These accolades solidify Zenith Bank’s reputation as a leader in the industry, recognized for its financial strength, innovation, and commitment to excellence.
The impressive financial results for the 2024 financial year underpinned the celebratory atmosphere at the AGM. Zenith Bank reported a remarkable 138% surge in interest income, attributed to strategic investments in high-yield government securities and the growth of its loan book. This strategic allocation of resources, combined with prudent risk management, drove an 86% increase in gross earnings, from N2.13 trillion in 2023 to an impressive N3.97 trillion in 2024. The bank also witnessed substantial growth in customer deposits, which increased by 45%, and total assets, which rose by 47%. This robust performance across all key metrics demonstrates Zenith Bank’s financial strength and its ability to generate sustainable growth. The bank’s prior performance in 2023, with shareholders approving a N125 billion dividend, further demonstrates its consistent success and commitment to rewarding investors. Zenith Bank’s 34th AGM was thus not merely a meeting but a celebration of shared success, a testament to the bank’s resilience, its strategic vision, and its dedication to creating value for its shareholders and the wider community.
