Article Summary
- The acquisition of 4.12 million shares represents 0.013% of the company’s total outstanding shares of the company.
- With the acquisition, Ogunranti has increased its number of shares from 2,764,005 units of shares as of December 31, 2022, to N6,885,601 units.
- Zenith Bank closed its last trading day (Friday, May 19, 2023) at N26.00 per share on the Nigerian Stock Exchange (NGX), recording a 4% gain over its previous closing price of N25.00.
The Executive Director of Zenith Bank Plc, Mr Akindele Ogunranti, has acquired an additional 4.12 million shares worth N98.307 million in the company.
This is contained in a notice of share dealing by an insider to the Nigerian Exchange Limited obtained by Nairametrics.
The acquisition of 4.12 million shares represents 0.013% of the company’s total outstanding shares of the company.
With the acquisition, Ogunranti has increased its number of shares from 2,764,005 units of shares as of December 31, 2022, to N6,885,601 units.
The notice signed by Michael Osilama Otu, Company Secretary/ General Counsel, indicated that Ogunranti, on May 12th, 2023, purchased 4,090,000 units of Zenith Bank shares at an average price of N23.85 per share, valued at N97.546 million.
On May 15, 2023, he purchased 30,000 units of the company’s shares at N24.05, worth N721,500. Additionally, on May 17, 2023, the Executive Director also bought 1,596 units of shares at N24.50 per share, valued at N39,102. This brings the total value of shares purchased to N98.307 million.
Zenith Bank closed its last trading day (Friday, May 19, 2023) at N26.00 per share on the Nigerian Stock Exchange (NGX), recording a 4% gain over its previous closing price of N25.00. Zenith began the year with a share price of N24.00 and has since gained 8.33% on the price valuation.
What you should know
Zenith Bank Plc grew its gross earnings by 24% from N765.6 billion as of the end of the 2021 financial period to N945.5 billion in the corresponding period of 2022.
As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share.
According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, the double-digit growth in gross earnings was driven by a 26% year-on-year growth in interest income from N427.6 billion to N540.2 billion and a 23% year-on-year growth in non-interest income from N309 billion to N381 billion.
Profits before tax also grew by 2%, from N280.4 billion to N284.7 billion in the current year. The increase in profit before tax was due to the significant growth in all the income lines.
It’s all as a result of high interest rates charged by banks.
Watch for their NPL figures. It is bound to rise in the coming months as businesses are failing