Jim Ovia to pocket over N14bn as Zenith declares N945.55bn revenue
Jim Ovia, the founder and former CEO of Zenith Bank, is set to pocket N14.7 billion as dividend payment for the financial year ended December 31, 2022.
Ovia is the sole shareholder of the bank with a direct shareholding of 11.29 percent, which is required by law to be disclosed in the bank’s financial statements.
In addition to his direct shareholding, he also has an indirect shareholding of 4.85 percent in the bank, which will contribute to the final dividend payout.
Earlier in the year, Ovia received an interim dividend of N1.52 billion for both his direct and indirect shareholdings, bringing his total dividend for the year to N16.22 billion.
Read also:CBN approves Jim Ovia as chairman of Zenith Bank’s holding company
Despite facing domestic and global challenges, Zenith Bank, one of Nigeria’s top-tier banks, saw a significant improvement in its revenue and profits for the year.
In 2022, the bank’s gross earnings increased by 23.5 percent to N945.55 billion, up from N765.56 billion in the previous year.
Interest income also rose by 26.3 percent to N540.17 billion in 2022, compared to N427.59 billion in 2021.
The analysis of the financials revealed that 68.6 percent of Zenith Bank’s interest income in 2022, which amounted to N370.45 billion, came from loans and advances to customers.
This is an increase from N292.22 billion the bank earned from the same source in 2021, which accounted for 68.3 percent of the interest income in the previous year.