Zenith Bank Plc has released its 2024 FY results, reporting a record profit after tax of N1.03 trillion, representing a 52.5% increase over the N676.9 billion reported a year earlier.
A preliminary analysis by Nairaconomy indicates that the bank reported gross earnings of N4 trillion, with interest income and trading income being the primary contributors to this figure.
The Board of Directors has proposed a final dividend of N4.00 per share. In addition to an interim dividend of N1.00 per share, this totals N5.00 per share (for 2023: the interim dividend was N0.50 per share, and the final dividend was N3.50, resulting in a total dividend per share of N4.00) from the retained earnings as of December 31, 2024. This proposal will be presented for ratification by the shareholders at the next Annual General Meeting. Payment of dividends is subject to a withholding tax rate of 10% for qualified recipients.
It is worth noting that Zenith Bank Plc conducted a capital raise exercise through a combination of rights and public offers, generating N343 billion in compliance with the Central Bank of Nigeria’s (CBN) directive on minimum capital requirements.
As a result, the total number of additional shares raised by the bank is 9,673,336,214, bringing the total number of issued shares from 31,396,493,787 to 41,069,830,001 units.
As of December 31, 2024, the financial institution said CBN has verified these shares, and the Securities and Exchange Commission (SEC) has approved their inclusion in the financial statements, pending approval for final allotment.
This successful capital raise enhances the bank’s financial stability and supports our strategic growth objectives.
Changes on the Board
Dr. Adaora Umeoj (OON) was appointed as the Group Managing Director effective 1 June 2024. Ebenezer Onyeagwu retired from the Board effective 31 May 2024.
Gabriel Ukpeh retired from the Board effective 8 March 2024.
Pamela Yough was appointed to the Board effective 30 April 2024.
Adamu Lawani and Mr. Louis Odom were appointed to the Board effective 24 April 2024.
The bank issued an additional 9,673,336,214 shares through a combination of a rights issue and public offer. This has moved the total number of shares to 41,069,830,001.
Approval for the allotment of the newly issued share was outstanding as at 31st December 2024. The allotment of the newly issued shares was approved by the Securities & Exchange Commission on 23 January 2025.
