Posted by From Kunle Aderinokun in Abuja on
Zenith Bank Plc yesterday declared N4.2 billion as dividends to its 288,780 shareholders for the year-ended June 31, 2005. This represented a dividend pay-out of 70 kobo per ordinary shares of 50 kobo each held by its shareholders.
* To opens subsidiary in Ghana
Zenith Bank Plc yesterday declared N4.2 billion as dividends to its 288,780 shareholders for the year-ended June 31, 2005. This represented a dividend pay-out of 70 kobo per ordinary shares of 50 kobo each held by its shareholders.
Also, the bank disclosed that it was finalising arrangements to open an offshore subsidiary having secured approvals from both the Central banks of Nigeria (CBN) and Ghana.
Speaking yesterday at the bank's Annual General Meeting (AGM) in Abuja, Chairman, Mr. Macaulay Pepple said the bank's brand value as reflected in the 'unprecedented number of shareholders (288,780) depicts our stock as one of the most widely held in the Nigerian capital market."
The bank had recommended the dividends of N4.2 billion for payment to the shareholders yesterday at the AGM, which was its first after it went public last year.
Pepple noted that Zenith Bank recorded a tremendous growth in all her performance indices.
'Profit before taxation was N9.17 billion representing a 43 per cent increase over the figures reported the previous year. Gross earnings grew by 46 per cent over the figures reported for the prior year to N35 billion. Total asset plus contingent liabilities rose to N370.7 billion, a quantum leap from the figures recorded last year. Total deposits grew from N131 billion to N233.4 billion while shareholders' funds rose to N38 billion, representing a 141 per cent growth over the previous financial year's figure," he said.
The Chairman said from the foregoing, it implied that Zenith Bank has 'clearly outperformed market expectations as well as exceeded its projection for the period under review."
He expressed the bank's determination to stamp its footprint of consistent superior performance matched with efficient service delivery system in the Ghanaian banking industry.
Noting that that the bank's 'strategic intent is to make the bank a superior national franchise and a reputable international financial institution", he said 'this has influenced our drive to open more branches in strategic locations all over the country with our hallmark of entrepreneurial wit and excellent service delivery."
On post-consolidation era, Pepple agreed that the challenges would be daunting but assured that the bank was well-positioned to surmount them.
Given this scenario, he said 'we will continue to put our stamp of authority in terms of product differentiation and capacity to acquire a higher proportion of new business. Our powerful franchise in several businesses will be expanded and we are confident that we will continue to deliver superior earnings."
While responding to shareholders' comments and questions, Managing Director, Mr. Jim Ovia disclosed that the endorsement of the bank by the public and shareholders would continue to protect its brand value.
He said the bank by its current status is mega bank noting that 'if you rank the banks in the country, we are one of the biggest banks in all parameters"