Chairman of Zenith Bank, Steve Omojafor
Shareholders of Zenith Bank Plc Wednesday approved the N50.23 billion dividends recommended by the bank and commended the board and management for the impressive performance for the year ended December 31, 2012.
The bank posted a profit after of N100.6 billion in 2012, showing an increase of 107 per cent from the N48.7 billion in 2011. Hence the Board of directors recommended N50.23 billion dividends which translated into N1.60 per share.
Endorsing the dividends at the 22nd Annual General Meeting (AGM) of Zenith Bank in Lagos yesterday, the shareholders said the N1.60 per share dividend showed the commitment of the bank to deliver superior returns.
They therefore, pledged that they would continue to support the bank and ensure better results in the years ahead.
In his address, Chairman of Zenith Bank, Steve Omojafor, noted that though 2012 was challenging, the bank in line with track record, was able to exploit the opportunities within the environment which translated into an excellent performance that attested to the durability and resilience of the brand.
According to him, apart from recording a profit after tax of N100.8 billion, the bank recorded total assets of N2.6 trillion, up from N2.33 trillion in 2011.
Shareholders’ funds, he noted, grew by 17 per cent from N394.2 billion to462.9 billion in 2012, while total deposits rose from N1.66 trillion to N1.93 trillion.
“Ä relentless focus on our customers enabled the business to deliver the excellent result in 2012. We are evolving bigger, better and faster products with most of our service delivery engendered by rare innovations. We continue to drive dominance of our offerings in the core areas with an eye on the future,” he said.
Looking ahead, Omojafor said the bank entered the new financial year with confidence and remains committed to tis primary goal and to driving shareholder value.
“The bank’s overall strategy shall continue to positively impact its current size and status and our investments in the required areas will continue to ensure effective and efficient delivery of our avowed goals,” he said.