Zenith Bank Director Acquires Additional N97m Worth Of Shares

Zenith Bank's Director Acquires Additional N97m Worth Of Shares

The Executive Director of Zenith Bank Plc, Adobi Stella Nwapa has acquired an additional 4.04 million shares worth N97.145 million in the company. This development was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited, NGX.

BizWatch Nigeria understands that Nwapa’s acquisition represents 0.01% of the company’s total outstanding shares. This, however, increased her number of shares from 11,008,206 units of shares as of December 31, 2022, to N15,046,095 units.

The notice signed by Michael Osilama Otu, Company Secretary/ General Counsel, indicated that Nwapa, on Wednesday, May 10, 2023, purchased 3,962,111 units of Zenith Bank shares at an average price of N24.05 per share, valued at N95.288 million.

Barely a week later, she purchased 37,889 units of the company’s shares at N24.50. Additionally, on a separate deal on Tuesday, May 16, the Executive Director also bought 37,889 units of shares at N24.50 per share.

Zenith Bank closed its last trading day (Wednesday, May 17) at N25.15 per share on the NGX, recording a 2.7% gain over its previous closing price of N24.50. Zenith began the year with a share price of N24.00 and has since gained 4.79% on the price valuation.

Zenith Bank records growth

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.

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