Zenith Bank to Pay N9.4bn Interim Dividend September 4

Shareholders of Zenith Bank Plc are to receive the N9.42 billion interim recommended by the bank on September 4, 2019 instead of the September 2, earlier announced, the bank said yesterday.

Zenith Bank Plc recently reported a profit after tax of N88.7 billion for the half year (H1) ended June 31, 2019, and recommended an interim dividend of N9.42 billion or 30 kobo per share. The bank had also told shareholders that the interim dividend would be paid on September 2, 2019.

However, in a notification to the Nigerian Stock Exchange (NSE) yesterday, the bank said the payment would now be made on September 4, 2019. According to the bank, the change was necessitated by the need to ensure that all transactions executed on the qualification date of August 29, have been settled. Despite the challenging operating environment, Zenith Bank N331.6 per cent had billion, compared posted an gross increase with earnings N322.2 of 2.9 of billion in the corresponding period of 2018. Net interest income fell from N154 billion to N142.5 billion, while credit impairment charges rose by 48.2 per cent from N9.3 billion to N13.7 billion. The bank ended the period with a profit before tax of N111.7 billion, up by four per cent compared with N107.4 billion, while PAT grew faster by 8.7 per cent to N88.9 billion, from N81.7 billion in 2018. Assessing the performance of the bank, analysts at Cordros Capital Limited said the gross earnings recorded remained in line with their 2019 full year (FY-19) estimate and would settle 1.30 per cent lower based on the current run rate.

“The top-line growth was primarily supported by the 23.86 per cent expansion in non-interest income, which was boosted by net fees and commissions (+33.62 per cent) and trading gains (+22.53 per cent) income growth,” he said.