Connect with us

brand

ZENITH BANK DELIGHTS SHAREHOLDERS WITH DIVIDEND PAYOUT OF N3 PER SHARE

Published

on

Zenith Bank’s shareholders, on Tuesday at the 30th Annual General Meeting of the Bank held at
the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend of
N2.70 per share, bringing the total dividend payment for the 2020 financial year to N3.00 per share
with a total value of N94.19 billion. This followed the recent release of the Bank’s audited financial
results for the 2020 financial year.
From the audited financial results, the Group recorded a year-on-year growth of 10% in profit after
tax (PAT) from N208.8 billion recorded in 2019 to N230.7 billion. This is despite a challenging
macroeconomic environment exacerbated by the COVID 19 pandemic.
The Group also recorded a growth in gross earnings of 5% from N662.3 billion in the previous year
to N696.5 billion. The Group also recorded 8% growth in non-interest income from NGN232.1
billion in 2019 to NGN251.7 billion in 2020 and a 1% increase in interest income from NGN415.6
billion in 2019 to NGN420.8 billion in 2020.
Profit before tax (PBT) equally increased by 5%, growing from N243.3 billion in 2019 to N255.9
billion in the current year. The increase arose from a combination of growth in the topline and a
significant reduction in interest expense. Interest expense reduced from N148.5 billion in 2019 to
N121.1 billion in 2020, significantly increasing the net interest income from NGN267.0 billion in
2019 to NGN299.7 billion in 2020.
The Group’s increased retail activities translated to a corresponding increase in retail deposits and
loans. Thus, retail deposits grew by NGN612.7 billion from NGN1.11 trillion to NGN1.72 trillion
year-on-year (YoY), while savings balances significantly grew by 88% YoY and closed at NGN1.16
trillion. This retail drive, coupled with the low-interest yield environment, helped reduce the cost of
funding from 3.0% to 2.1% and reduced interest expense. However, the low-interest environment
also affected the net interest margin, which declined from 8.2% to 7.9% in the current year due to
the re-pricing of interest-bearing assets. Operating costs grew by 10% YoY but are still tracking
well below inflation which at the end of the year stood at 15.75%. Although returns on equity and

assets also reduced from 23.8% to 22.4% and from 3.4% to 3.1%, respectively, the Group still
delivered improved Earnings per Share (EPS), which grew 10% from NGN6.65 to NGN7.34 in the
current year.
The Group also increased corporate customer deposits, which alongside the growth in retail
deposits, delivered total deposit growth of 25%, to close at N5.34 trillion, driving growth in market
share. Total assets also increased significantly by 34%, from N6.35 trillion to N8.48 trillion. Despite
the COVID-19 pandemic and its associated challenges, the Group created new viable risk assets
as gross loans grew by 19%, from N2.46 trillion to N2.92 trillion. This was achieved while
maintaining a stable and low overall NPL ratio of 4.29% (2019: 4.3%) across the entire portfolio
and an increase in the cost of risk from 1.1% to 1.5%, reflecting the elevated risk environment in
2020. The Group recorded impressive liquidity and capital adequacy ratios of 66.2% and 23.0%
and remained above regulatory thresholds of 30% and 15%, respectively.
As a testament to this superlative performance and in recognition of its track record of excellent
performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the
Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020
and Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom. Also,
the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year,
in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-
1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine.
Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay
Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial
Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as
well as Best Company in Promotion of Gender Equality and Women Empowerment at the
Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

brand

FIDELITY BANK PLC REDEEMS US$400 MILLION EUROBOND AT MATURITY

Published

on

LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.

The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.

Continue Reading

brand

GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria

Published

on

…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.

Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.

The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.

For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.

For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.

Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”

He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”

The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”

Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.

Continue Reading

brand

ZENITH BANK SET TO HOST SIXTH EDITION OF ANNUAL TECH FAIR

Published

on

 


Zenith Bank Plc is set to host the sixth edition of its flagship technology event,
Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”

Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.

Conceived by the Bank’s Founder, Jim Ovia, CFR, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.

The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoopwon the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform. Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges.

For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond. This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider howbest to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.

The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube.

Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved