Zenith Bank Posts N1tn Profit After Tax For 2024 FY
Zenith Bank Plc has released its 2024 FY results, reporting a record profit after tax of N1.03 trillion. This represents a 52.5% increase over the N676.9 billion reported a year earlier. A cursory analysis of the results also shows that the bank reported Gross Earnings of N4 trillion, with interest income and trading income contributing majorly to the top line. The Board of Directors, proposed a final dividend of N4.00 per share which in addition to the N1.00 per share as interim dividend amounts to N5.00 per share (2023: Interim dividend of N0.50 per share, final dividend of N3.50 and a total dividend per share of N4.00) from the retained earnings accounts as at 31 December 2024. This, the firm said 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% in the hands of qualified recipients. Capital raise exercise in compliance with the Central Bank of Nigeria’s (CBN) directive on minimum capital requirements, Zenith Bank Plc conducted a capital raise exercise through a combination of rights and public offers, generating N343 billion. The total number of additional shares raised by the bank through the capital raise exercise is 9,673,336,214. This brings the total number of issued shares of the bank from a previous 31,396,493,787 units to a current 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 right 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.
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