BREAKING: Zenith Bank Directors to earn N20M each for 2020 financial year

Zenith Bank Directors would earn N20m each for the 2020 financial year following the outcome of their latest Annual General Meeting.

According to a notice by the bank filed to the NSE, the sum of a N20m compensation package for directors was duly passed and approved at the Annual General Meeting of Zenith Bank Plc which held March 16th, 2020.

In addition to this juicy package, a gross dividend of N78,491,234,465.00 (Seventy Eight Billion, Four Hundred and Ninety-One Million, Two Hundred and Thirty-Four Thousand, Four Hundred and Sixty Five Naira) is to be shared by all the shareholders of the bank for the financial year ended December 31st, 2019.

The statement which outlined the group's resolutions at its last AGM read thus:

"That in accordance with the recommendation of the Directors, a gross dividend of N78,491,234,465.00 (Seventy Eight Billion, Four Hundred and Ninety-One Million, Two Hundred and Thirty-Four Thousand, Four Hundred and Sixty Five Naira) be shared by all shareholders of the bank in the proportion of N2.50k for every one fully paid ordinary share of 50k registered in the name of such holders as at the close of business on the 9th day of March 2020 (bringing the total dividend for the financial year ended December 31, 2019 to N2.90k.)"

"That the Directors fee for the 2020 Financial Year be and is hereby fixed at N20 Million only for each Director."

Recall that in its 2019 audited financial results, Zenith Bank recorded a profit after tax of N208.8bn, an increase of eight per cent from the N193bn recorded in the previous year.

The Group also recorded a growth in gross earnings of five per cent, rising to N662.3bn from N630.3bn reported in the previous year.

This growth was driven by the 29 per cent increase in non-interest income from N179.9bn in 2018 to N231.1bn in 2019.

Fees on electronic products continued to grow with a 108 per cent year on year growth from N20.4bn in 2018 to N42.5bn in the current year.

This was a validation of the bank’s retail transformation strategy which continues to deliver impressive results.