Connect with us

Business

 SHAREHOLDERS ARE EXCITED AS ZENITH BANK PAYS N97.33 BILLION AS DIVIDEND

Published

on

 

 

Shareholders of Zenith Bank Plc, at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion.

In his statement, the Founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia, CON, thanked the shareholders for their unflinching loyalty, which has enabled the bank to rise to the pinnacle of the nation’s financial services industry, and assured them of the bank’s commitment to consistently deliver superior value to them.

Speaking on the bank’s performance, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu, said: “if you look at the bank’s history over the years, Zenith Bank has always grown, and even within the pandemic, we have maintained a reasonable positive growth trajectory. Growth is coming from the fact that we are deploying our digital capability to grow more businesses, simplify our service processes, make our processes more efficient, and deal with customers’ complaints. Apart from developing new products, we are discovering new business verticals, especially within the retail segment, which have significant revenue.” He added that: “meeting the expectation of shareholders means we have to work harder. The team is dodged, hardworking, resilient, and above all, we have a very supportive board that comes with superior guidance”.

Commenting on the dividend payout, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the delight of shareholders over the consistent payment of dividends by Zenith Bank, noting that the bank’s shares remain the toast of investors because the bank has never failed to pay dividends to shareholders.

Also speaking on behalf of shareholders, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said: “The bank is doing very well. All the ratios and indices have gone up. And more importantly, while we were in the meeting, I got my alert of the credit of my dividend. This is very commendable. The leadership of the bank has been very effective; we thank Jim Ovia for the leadership he has been giving, he has increased the dividend in spite of the economic hardship in the country, and I believe the GMD is doing very well. I commend the management and staff of the bank, including the board, and I am very confident that this year would also be very good for the bank.” Dr Faruk Umar also commended the Group Managing Director for the numerous awards the bank received in 2021, especially the sustainability awards.

In spite of a challenging macroeconomic environment aggravated by the COVID-19 pandemic, the Zenith Bank Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of a 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion. 

Profit before tax also grew by 10%, from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.

Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78. 

Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.  

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021. 

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

FIRSTBANK REWARDS CUSTOMERS IN ITS FIRSTMOBILE CASH-OUT PROMO

Published

on

By

 

In collaboration with Interswitch, FirstBank has launched a promo to reward users of the FirstMobile app, its industry-leading mobile banking application. The promo tagged FirstMobile Cash-out Promo will run for 3 months. The promo, which started on Monday, 21st March 2022 will end on Tuesday, 21st June 2022.

Various prizes including, N1,000,000, N40,000, N10,000.00 cash prizes, N40,000 Airtime, LED Televisions, refrigerators, washing machines, air conditioning systems will be won in the course of the three months campaign. A minimum of two bills payment worth N1000 and five airtimes of at least a total of N2000 in a week qualify a customer for any of the prizes. The promo is open to new customers and existing users of the FirstMobile app.

FirstMobile customers who do a minimum of 6 transactions weekly on the FirstMobile app, will be eligible for the respective rewards: N10,000 cash for 200 winners; Gift items (TVs, Refrigerators and AC) for 10 winners; N10,000 airtime for 340 winners.

On the other hand, 500 customers that carry out a minimum of 10 transactions monthly will win N30,000 cash. The Grand Prize of N1,000,000 will be won by 2 lucky customers who carry out a minimum of 20 transactions or a minimum of two bills payment of N1000 plus five airtime transactions of at least a total of N5000 in a week.

Speaking on the campaign, Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products said, “as the leading financial inclusion services provider in Nigeria, we are delighted to partner with Interswitch, an Africa-oriented technology-driven company, to reward our customers for their continuous patronage. Together with Interswitch, we remain committed to ensuring the continued safety of customers’ funds across multiple electronic payment channels irrespective of where our customers may be across the world. FirstMobile remains another obvious step towards leveraging evolving technologies to bring fast and convenient digital banking solutions to our customers”.

FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of payment systems, whilst putting customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. The app provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices. It is sleek and convenient to use – evident in its easy enrolment process as all FirstBank customers with Verve and Naira Mastercards can begin using the app without having cause to visit a FirstBank branch. It is also poised to offer a more reliable and more convenient overall digital banking experience.

To set up the FirstMobile app, customers with android phones should visit the Google Play store to download and install the FirstMobile app. Customers with Apple devices can download it from the Apple Store. Once installed, customers are required to open the app, tap the register button, and use their FirstBank issued Naira MasterCard or Verve card to activate the app. After details have been inputted, an OTP code will be sent via an SMS to your phone number that is linked to your bank account and you are then required to Input a 5 digits code that will be your login password, select two security questions and answer them, create a personalised 4 digits transaction pin that will help your confirm transactions. Upon the conclusion of these steps above, click Done and start enjoying the app.

Continue Reading

Business

BUA boss Abdulsamad Rabiu Keeps Setting High Standard 

Published

on

By

Abdulsamad Rabiu

 

 

The head honcho of BUA conglomerate, Alhaji Abdulsamad Rabiu is known for not doing things in half measure. He does his things making a loud statement about it. More reasons his audacious nature has cemented his position as one of the richest men in Africa according to Forbes. When he Opened his Sokoto Cement plant a few months ago, the whole country went into a frenzy as they were shocked at how gigantic the project was in a bid to increase the production of construction cement and also crash prices and monopoly to meet rising demands. The launch was a convergence of the who is who in the country as the groundbreaking ceremony avail Abdulsamad why he is called a man with the Midas Touch.

 

When his detractors thought that was the biggest thing they will see from him, the generous Billionaire shocked them yet again with another audacious move in his move to crash and gain the sugar market. With a huge investment of over $300Million in the Lafiagi Sugar Estate on an over 20, 000 Hectares of land, which will boast of 10,000 Tones Sugar Mills, 20,000 Liters Ethanol Plant, 3km Air Strip, 32Megawatts Power Plant and housing unit for staffs. To further increase the company’s capacity to take over the sugar supply and food export market with BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta; the company took delivery of the first of two shipping vessels to augment its sugar export operations to the West African market. Business Pundit disclosed that; the vessel named MV Bundu after the area in which the refinery is located is currently at BUA’s port and terminal which will increase export capacity while reducing operating costs and drive business for growth with a focus on sustainable returns and benefit to stakeholders and the Nigerian economy and also take advantage of the African Continental Free Trade Area (AfCFTA).

 

Continue Reading

Business

Heritage Bank, Delta State rev-up creative sector for economic growth

Published

on

By

…Omu Anioma unveils local fabrics ‘Akwa Ocha’

Heritage Bank Plc, Nigeria’s Most Innovative Service provider has collaborated with Delta State to make the creative and entertainment industry mainstay of revenue generation that will stimulate sustainable growth to the nation’s economy.

This was disclosed when the Omu Anioma and Nneoha, HRM Obi Martha Dunkwu unveiled the Anioma eternal native attire, “Akwa Ocha” to the Entertainment world during the Delta Music, Comedy and Fashion Expo held at the Dome Event Centre, Asaba, Delta State. Meanwhile, during a contest for best dancers dressed in Akwa-Ocha, organized by 2Things Promotion and prize money guaranteed by Heritage Bank Ynspyre Account, the 1st Prize winner, Friday Nkechi received N250,000, whilst Opene-Terry Joseph and Usanga Joseph as the 2nd and 3rd winners carted away N150,000 and N100,000, respectively

The MD/CEO of the bank, Ifie Sekibo, in his remarks said the partnership is in line with its culture as timeless wealth partners which has continued to impact positively on the nation’s socio-economic development.

“The Akwa Ocha fabric Industry, Entertainment and Creative Industry that Delta State is known for, maybe the revenue base of the State Government beyond Oil. Heritage Bank is always available and ready to partner with the State and players in the industry to achieve Delta beyond Oil,” he said.

According to him, the music and entertainment industry has done so much for Nigeria in terms of employment and foreign exchange earnings and if more resources could be put into it, the country would be better for it.

Sekibo who was represented by the Ag. Group Head, South-South 2/ECM, Charles Ojakovo affirmed that the bank would continue to support initiatives that have to do with sustainable growth, adding that the bank has always supported the Entertainment and Creative Industry.
“This Industry over the years has had a huge impact on our GDP and engaging a very large number of our youths thereby reducing the level of unemployment.

“Akwa ocha is an Anioma Heritage and our Heritage, and there is need to take it to the next level and international standards, as a hub to orchestrate economic growth,” he noted.

He further explained that Heritage Bank’s various entrepreneurial schemes in support of business had always focused on dependable job-creating sectors, such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts, and crafts), and Information and Communications Technology (ICT).

HRM Dunkwu commended Heritage Bank for its partnership with the organizers of the event for factoring a concept that introduces the Akwa Ocha fabric into fashion shows.

She emphasized how impressed she was at the beautiful appearance of all the models who were gorgeously dressed in the attire in such a dignified and holy exhibition.

Omu Dunkwu said she couldn’t have been more excited having been chosen as the one to do the unveiling of the Akwa Ocha for which she had devoted over a decade to promoting in line with propagating the unique identity and values of the Anioma people of Delta State.

Dunkwu affirmed that there was no fabric like the Akwa Ocha all over the world, which is why different people of the world are coming to identify with the source of the captivating attire – Anioma land.

The cerebral Queen Mother of the Anioma nation advised that conscious effort be made to market the brand by the younger generation who are willing to go into fashion business, maintaining that Akwa Ocha fabric could be a money-spinning venture if well packaged because of its unique and attractive features.

Continue Reading

Trending News