Zenith Bank Plc announced yesterday that it would pay a final dividend of N2.50 for every 50 kobo shares, thereby bringing the total dividend paid for FY 2019 to N2.80.
In a public disclosure that was issued to the Nigerian Stock Exchange right after releasing its audited FY 2019 result, Zenith Bank informed its shareholders that the dividend would be subject to appropriate withholding tax.
Note that only shareholders whose names appear on the register of members latest by March 9th, 2020, should expect to receive payment. The register of members will become closed starting from March 10th.
Also, only shareholders, who have completed their e-dividend registration, will be eligible to receive their dividend payment. As always, shareholders must ensure to mandate the Registrar to pay their dividends into their bank accounts.
Zenith Bank shareholders, who have met all the necessary requirements, should expect to have their dividend paid to them electronically on the 16th of March. For GDR holders, their money will be transferred to their bank accounts on the 23rd of March.
The tier-1 has, therefore, advised shareholders, who have not completed their e-dividend registration, to do so immediately in order to receive their dividend payment as at when due.
In the meantime, Zenith Bank reported a good performance for FY 2019. Nairametrics reported earlier that the bank’s gross revenue grew by 5.06% to N662.3 billion in FY 2019, up from N630.3 billion during the comparable period in 2018.
Profit before tax for the period stood at N243.3 billion, indicating a 5.0% increase when compared to N231.7 billion that was recorded in FY 2018.
Profit for the year increased by 7.9% to N208.8 billion, up from N193.4 billion in 2018.
Some observers have reacted to the result, including Igho Alonge. The former Fixed Income Portfolio Manager, who is popular on Twitter as a financial adviser, tweeted:
Zenith Bank declares N208Bn Profit After Tax in 2019 Audited Results with a proposed dividend of N2.50k. Share price: N19.40K.
That's a dividend yield of 12%. Not bad.
— Igho Alonge 💼 (@Ighodaro1) February 21, 2020