Zenith Bank pays N94.19b full-year dividend to shareholders – Zenith Bank Plc has rewarded its shareholders with N94.19 billion total dividend value for the 2020 financial year.
At the bank’s 30th Annual General Meeting (AGM) held yesterday in Lagos, the shareholders approved the proposed final dividend of N2.70 per share, bringing the total dividend payment for the 2020 financial year to N3 per share with a total value of N94.19 billion. This followed the recent release of the bank’s audited financial results for the 2020 financial year.
According to the audited financial results, profit before tax (PBT) rose by five per cent to N255.9 billion from N243.3 billion reported in the previous year despite a challenging macro-economic environment exacerbated by the COVID-19 pandemic.
The increase arose from a mixture of growth in the top line and a significant reduction in interest expense from N148.5 billion in 2019 to N121.1 billion in 2020, raised the net interest income from N267 billion in 2019 to N299.7 billion in 2020.
The Group recorded a growth in gross earnings of five per cent from N662.3 billion in the previous year to N696.5 billion, eight per cent growth in non-interest income from N232.1 billion in 2019 to N251.7 billion in 2020 and one per cent rise in interest income from N415.6 billion in 2019 to N420.8 billion in 2020.
The Group’s increased retail activities translated to a corresponding increase in retail deposits and loans. Thus, retail deposits grew by N612.7 billion from N1.11 trillion to N1.72 trillion year-on-year (YoY), while savings balances significantly grew by 88 per cent YoY and closed at N1.16 trillion.
This retail drive, coupled with the low-interest yield environment, helped reduce the cost of funding from three per cent to 2.1 per cent and reduced interest expense. However, the low-interest environment also affected the net interest margin, which declined from 8.2 per cent to 7.9 per cent in the current year due to the re-pricing of interest-bearing assets.
Read also: Zenith Bank, GTB, Reels out N110bn to Shareholders
Operating costs grew by 10 per cent YoY but are still tracking well below inflation which at the end of the year stood at 15.75 per cent. Although returns on equity and assets also reduced from 23.8 per cent to 22.4 per cent and from 3.4 per cent to 3.1 per cent, respectively, the Group still delivered improved Earnings per Share (EPS), which grew 10 per cent from N6.65 to N7.34 in the current year.
The Group equally increased corporate customer deposits, which alongside the growth in retail deposits, delivered total deposit growth of 25 per cent, to close at N5.34 trillion, driving growth in market share. Total assets also increased significantly by 34 per cent, from N6.35 trillion to N8.48 trillion.
Despite the COVID-19 pandemic and its associated challenges, the Group managed to create new viable risk assets as gross loans grew by 19 per cent, from N2.46 trillion to N2.92 trillion. This was achieved while maintaining a stable and low overall NPL ratio of 4.29 per cent (2019: 4.3 per cent) across the entire portfolio and an increase in the cost of risk from 1.1 per cent to 1.5 per cent, reflecting the elevated risk environment in 2020. The Group recorded impressive liquidity and capital adequacy ratios of 66.2 per cent and 23 per cent and remained above regulatory thresholds of 30 per cent and 15 per cent, respectively.
In recognition of its track record of excellent performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year, in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine.
Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.
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VIEW POINTWhy FG should consider permanent employment for NPower 2016 beneficiariesPublished 1 week ago on March 14, 2021By Haruna Magaji
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Why FG should consider permanent employment for NPower 2016 beneficiaries – The Federal Government of Nigeria initiative to establish the National Social Investment Program (NSIP) has been commended from time to time and the program has not only yielded the set goals but has directly and indirectly curb unemployment and stabilize social security in a relative manner.
Yes, upon the creation of the Ministry of Humanitarian Affairs, Disaster Management and Social Development, the ministry mandate then captured the NSIP scheme which has NPower as the major program. The ministry is been headed by Hajia Sadiya Umar Farouq, who is the Honourable Minister of the ministry.
In recent time, and truthfully, the 2016 batch of Npower scheme has exhausted their agreed time signed with them back then in 2018, but the political nature of the country failed to favor the federal government from disengaging them then, owing to the general election approaching then, and it will definitely be a political suicide if President Muhammad Buhari shut the door on them by disengaging them.
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account
Why FG should consider permanent employment for NPower 2016 beneficiaries
When are we then going to put all the stakeholders in one place and feed them the gravity of their disengagement on the social security of the society? And as well made them realize that, the token been given to the beneficiaries as stipend means a lot on the economic activities of their respective society, and serve as the last resort means of life and family sustainability for many of those beneficiaries.
But why do federal government not even seat down and ask how we are in this pitiable situation of unemployment? The NSIP program is having close to 500,000 people, where does the federal government want to offload them to?
What does it cost Federal Government to covert the NTeach to permanent federal government teachers? Is there any meaningful exit package that can make up to the regular salary payment other than a permanency from the Federal government?
Hope the Federal government knows that, giving the beneficiaries permanent job will further reduce crime rates, robbery and some other social vices threaten the peaceful coexistence of our society?
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account
Why FG should consider permanent employment for NPower 2016 beneficiaries
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Haruna MagajiHaruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at – harunamagaji@financialwatchngr.comCONTINUE READINGADVERTISEMENT
54 COMMENTS
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Acura MDX =N900,000.
Acura ZDX=N970,000
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Honda Baby Boy=N650,000.
Honda End of Discusson(EOD)=N550,000.
Honda Odyssey=N800,000.
Honda Accord=N550,000.
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Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
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Lexus Rx320=N680,000
Lexus Lx650=N500,000.
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JANET BLESSINGJune 12, 2020 at 6:49 PM
AUCTION AUCTION AUCTION
(07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
FOR SALES,
APPROVED BY THE FEDERAL
GOVERNMENT AT A CHEAPER AND
AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
SHOULD CONTACT ME ON
(07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!
THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
BAGS OF RICE =N10,000
KEG OF OIL=N7,500
CAR FEATURES AND PRICES BELOW
GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000
Toyota Camry Big Daddy=N650,000.
Toyota Camry Tiny-Light=N450,000.
Toyota Avensis=N550,000.
Toyota Hilux=N1M
Toyota Avensis=N650,000.
Toyota Camry Muscle=N 600,000. & Spider=N600,000.
Toyota Avalon=N550,000
Toyota Rav4 SUV=N800,000.
Toyota Sienna=N850,000.
Toyota 4Runner=N850,000.
Toyota Tundra=N1.5M
Toyota picnic=N450,000.
Toyota Highlander=N1M.
Toyota Corolla=N550,000.
Toyota Prado=N2M
Toyota LandCruisser=N2.8M.
Toyota Yaris=N500.000.
Toyota Matrix=N450,000.
Toyota Haice Bus=N950,000
Acura MDX =N900,000.
Acura ZDX=N970,000
Acura TL=N850,000.
Honda Pilot=N800,000.
Honda Baby Boy=N650,000.
Honda End of Discusson(EOD)=N550,000.
Honda Odyssey=N800,000.
Honda Accord=N550,000.
Honda CRV=N600,000.
Honda Civic=N500,000.
Infinity Fx35=N1.7m.
Infinity Fx45=N1.2m.
Infinity Qx4=600,000.
Nissan Murano=N700,000.
Nissan Pathinder=N500,000.
Nissan Altima=N500,000.
Nissan Maxima=N450,000.
Nissan Xterra=N600,000.
Nissan Quest=450,000.
Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
Lesus Rx300= N650,000
Lexus Rx320=N680,000
Lexus Lx650=N500,000.
LexusRx350=N1.2M
LexusGx470=N850,000.
Ford Escape=N700,000.
Ford Explorer=N8500,000.
Land Rover Discovery=N1.9m.
Land Rover Freelander=N1.3
TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.
, All
VEHICLES ARE IN GOOD
CONDITION, INSTALLMENTAL PAYMENT IS
ALLOWED
WE OFFER DELIVERY TO ALL
36 STATES IN NIGERIA. CONTACT ME ON (07026536478) TO PLACE AN ORDER NOW.
REPLY
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