Zenith Bank deposits hit N3.49 trillion Pays N2.80k dividend

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Zenith Bank Plc on Monday disclosed that its total deposits as at December 31, 2019, stood at N3.49 trillion, representing a 23.6 per cent increase over the 2018 figure of N2.82 trillion.

The bank also paid shareholders N2.50k per share as dividend, having paid N30k per share in the course of the 2019 financial year, totalling N2.80k per share as of December 31, 2019.

The Chairman of the bank, Mr Jim Ovia, who made the disclosure at its 29th annual general meeting held in Abuja said the profit after tax rose by 7.6 per cent from N165 billion in 2018 to N178 billion in 2019.

He added that the profit before tax rose by 4.1 per cent from N192 billion in 2018 to N200 billion in 2019.

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Ovia noted that total assets of Zenith Bank grew by 9.7 per cent from N4.96 trillion to N5.44 trillion, while shareholders fund rose by 15.4 per cent from N675 billion to N779 billion.

The gross earnings also grew by 5 per cent, from N232 billion in 2018 to N243 billion in 2019.

The Zenith Bank chairman described 2019 as a challenging year for operators in the financial sector due to several supervening factors locally and globally.

“Our major focus in 2019 was to support the government’s effort at improving well-being and the life expectancy of Nigerians through support for quality healthcare in host communities,” he said.

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He added the bank has invested heavily in technology and digital solutions to offer better services.

Shareholders hailed the bank’s management for its efforts to cross the N200 billion profit margin in the banking system.

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