Wednesday, March 22, 2017 5.00pm/Proshare WebTV
Zenith Bank one of Nigeria’s leading banks, today at its 26th Annual General Meeting in Lagos, paid a total dividend per share of N2.02k to its shareholders for the 2016 financial year.
The bank last year paid an interim dividend of 25k, while making a final payment of N1.77k at the AGM, raising it to N2.02k.
This was also the result of a remarkable 2016 market performance by the bank in key measures and indicators, despite the challenging economic environment in Nigeria.
External auditors KPMG Nigeria and the Audit committee in their separate statements at the AGM, affirmed that the 2016 financial records and books of account by Zenith Bank, were in line with the provisions of the International Financial Reporting Standards(IFRS), Financial Reporting Council of Nigeria (FRCN) and the Company and Allied Matters Act (CAMA).
Shareholder group leaders at the AGM Chief Timothy Adesiyan, Mrs Esther Funke Augustine and Brig-Gen Emmanuel Ikwue(Rtd) commended Zenith Bank, for the dividend payment and the sterling 2016 performance.
Mr Nona Awoh on his part acknowledged the drop in losses to fraud from N201ml in 2015 to N33ml in 2016, but urged the bank to work assiduously in ensuring the internal control systems are efficient.
Chief Adesiyan called on the bank to set up an alert system for customers on the treasury bills sales, to enable participate as well as sensitize them on the FGN Savings bonds.
Dr Farouk Umar described Zenith Bank as the leader in the financial market and lauded them for the 2016 report and also praised the Central Bank for the adopting a better approach in its Foreign Exchange Policy, which has eased banking services to Nigerians.
Sir Sunny Nwosu commended the board of the bank for the 2016 financial year result, he was particularly impressed with the high resolution of queries by the bank last year and the robust internal control systems in place.
Mr Patrick Ajudua one of the shareholders in his observation, made a strong case for gender balance, as the board of Zenith Bank had only one woman at the moment, Mrs Adaora Umeoji the Deputy Managing Director .
Responding the Group Managing Director and CEO of the bank Mr Peter Amangbo thanked the shareholders for the continuous support and assured that Zenith Bank will remained focused on efficient, viable and strategic financial services.
From the analysis, Zenith Bank recorded a total deposit increase by 9.44% of N2.55trl in 2016, from N2.33trl in 2015. Profit-before-tax (PBT) rose by 21.4% from N115.22bl (2015) to N139.93bl in 2016.
Profit-After-Tax (PAT) rose by 20.75% from N98.75bl in 2015, to N119.29bl in 2016. Total Assets of the bank grew by 14.2%, from N3.75trl (2015) to N4.28trl in 2016.
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