Jim Ovia to pocket over N14bn as Zenith declares N945.55bn revenue

Zenith Bank has announced a 24 percent rise in gross earnings to N945.5 billion from N765.6 billion reported in the previous year.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the bank said it achieved double-digit growth.

It stated that, “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 per cent year-on-year growth in interest income from N427.6bn to N540.2bn and a 23 per cent year-on-year growth in non-interest income from N309bn to N381bn.

“Profit before tax also grew by two per cent from N280.4bn to N284.7bn in the current year. The increase in profit before tax was due to the significant growth in all the income lines.”

According to the bank, impairments grew by 107 per cent from N59.9bn to N124.2bn, while interest expense grew by 63 per cent YoY from N106.8bn to N173.5bn respectively.

As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of N2.90 per share.

Jim Ovia, the founder and former CEO of Zenith Bank, is poised to receive N14.7 billion in dividends payment thanks to the impressive performance of the bank.

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Ovia is the largest shareholder in the bank, and his substantial stake will earn him N14.7 billion.

He has a direct shareholding of 3.5 billion (3,546,199,395) and an indirect shareholding of 1.5 billion (1,523,928,375) making a total of 5.07bn (5070127770).

Other metrics from the bank shows that Customer deposits increased by 39 per cent, growing from N6.47tn in the previous year to N8.98tn in the current year.

Operating expenses grew by 17 per cent YoY, but growth remained below the inflation rate.

The bank also said that its total assets increased by 30 per cent, growing from N9.45tn in 2021 to N12.29tn, mainly driven by growth in customer deposits.

“In 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally,” the statement added.

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