GTB, Zenith Bank Pay Combined Dividend of N110billion To Shareholders

Two of Nigeria’s largest banks, Guaranty Trust Bank, GTBank, and Zenith Bank Plc, have released to their respective shareholders a combined dividend of N110 billion.

This took place at the annual general meetings of the financial institutions on Tuesday, April 5 and wednesday, April 6 respectively, where the shareholders gave their approval.

GTBank, at its AGM held in Lagos on Tuesday, rewarded its shareholders with a total dividend of N52.1 billion for the year ending December 31, 2015. The dividend translated to N1.77 per share.

GTBank posted gross earnings of N298.8 billion, showing an increase of 8.1 per cent compared with N276.4 billion in 2014. Net interest income grew by 12.3 per cent from N142.4 billion to N159.9 billion.

As was expected for most banks, GTBank’s impairment charges also grew by 74.8 per cent from N7.1 billion to N12.4 billion, while its operating expenses remained almost flat at N96.4 billion, compared with N94.7 billion in 2014.

The bank’s profit before tax rose marginally by 3.7 per cent to N120.7 billion from N116.4 billion, while profit after tax grew by 5.3 per cent to N99.4 billion, up from N91.4 billion.

The directors recommended a final dividend of N1.52 per share, having paid an interim dividend of 25 kobo, bringing the total dividend to N1.77 per share or N51.33 billion.

At Zenith Bank’s AGM, its shareholders approved a dividend of N57.6 billion for the year ending December 31, 2015. The bank recorded a profit before tax of N125.61 billion for the year, compared to N119.7 billion in 2014. Profit after tax also rose from N103.275 billion to N105.66 billion.

From its PAT, Zenith Bank directors recommended a total dividend of N57.6 billion, which translated to N1.80 per share, up from N1.75 paid the previous year.

Shareholders of the bank, at the AGM in Lagos wednesday, unanimously approved the dividend and commended the bank for the improved performance despite the challenging operating environment.