Monday, March 18, 2019 6:30PM / Ottoabasi Abasiekong for Proshare WebTV/ Header Image Credit: Zenith Bank AGM
Zenith Bank Plc one of Nigeria’s leading financial institution, today held its Annual General Meeting in Lagos.
Coordinated by the Chairman of the Board Mr Jim Ovia, the AGM was an opportunity for the management of the bank to engage shareholders on its 2018 financial year performance.
In his statement Mr Jim Ovia said “Zenith bank remains a clear in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure speed, convenience and safety of transactions for all”.
The External Auditor KPMG represented by Mr Oluwafemi Awotoye stated that “Zenith Bank kept proper books of account for its 2018 FY and the statement of financial position and that of profit or loss and other comprehensive income are in agreement with the books of account”.
Also the Chairman of the Audit Committee Mrs Adebimpe Balogun in her report said “The accounting and reporting policies of the Group and Bank conformed with the statutory requirements and agreed ethical practices”.
Shareholders Mr Timothy Adesiyan, Mrs Esther Funke Augusta, Mr Muktar Muktar and Sir Sunny Nwosu commended the bank on its wonderful performance in 2018 and the payment of N2.50k amidst the challenging macro-economic indices.
Mrs Augusta also made a case for gender balance in the board, which at the moment has only one woman at the moment.
Mr Nona Awoh on his part tasked the management of the bank to address the issues of unclaimed dividend and look into the activities of the subsidiaries and the cost of funds.
Speaking on the 2018 FY performance the MD/CEO of Zenith Bank Mr Peter Amangbo said “In the year under review, we harnessed the enormous potential of our human capital, digital solutions, excellent service culture, and cost control strategies to grow our business and enhance efficiency, which culminated in a stellar performance.
He assured shareholders of the commitment of the bank to creating value and driving efficiency in its operations.
Amangbo said the bank will continue to ensure its operating expenses are channelled to productivity and more profitable/viable ventures which include human capacity development.
Speaking on the 2018 FY performance the MD/CEO of Zenith Bank Mr Peter Amangbo said “
Mr Peter Amangbo noted that in the 29 years of the existence of Zenith Bank, the contribution of the subsidiaries has improved from 3% in its inception to 15%, which means there is need to make them more viable.
Looking at the cost of funds, the MD of Zenith Bank also said the bank will work assiduously to improve the cost of funding which was saw a reduction from 5.2%(2017 FY) to 3.1% (2018FY).
Amangbo informed the shareholders and market stakeholders that the Investor Relations department is active and available, to address concerns or enquiries on the activities of the bank.
Highlight of the event was the endorsement of the N2.50k dividend payment by the shareholders.
Zenith Bank in analysis witnessed an 11% increase in its profit-after-tax from 174bn 2017 FY to 193bn in 2018 FY.
Total assets in the bank grew by 6% to N5.956trn in 2018 FY from N5.595trn in 2017 FY.
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Graph 1 – One Year Share Price Movement
Table 1 – 2018FY Audited Results
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