Zenith Bank Plc has raised its interim dividend for the first half of 2026 by 20%, to N1.50 per share. Group Managing Director and CEO Adaora Umeoji is set to receive about N430 million of the payout.
The board proposed N1.50 per share for the half-year ended June 30, 2026, up from N1.25 in the corresponding period of 2025. The total distribution comes to N61.6 billion. It will be paid electronically on October 30, 2026, to shareholders on the register as of October 23, who have completed their e-dividend registration. Holders of the bank’s Global Depositary Receipts will be paid afterwards. The dividend is still a proposal until shareholders ratify it.
Umeoji became the bank’s first female chief executive in June 2024. According to a report by Shore Africa, she holds 287,092,076 shares, directly and indirectly, roughly 0.7% of the bank. At N1.50 per share, that works out to about N430 million, or around $326,000.
Profit before tax rose 1.9% year on year to N637.6 billion. Total assets grew 4% to N32.65 trillion, and customer deposits rose 8% to N26.35 trillion.
The improvement came from several sources. Net interest margin improved to 12.4%, from 11.9% a year earlier, net fee and commission income grew nearly 40%, and impairment charges fell sharply, to N141.1 billion from N762.1 billion.
The bank’s bottom line weakened. Profit after tax fell 19.1% to N430.8 billion, and earnings per share dropped to N10.48 from N12.95. Gross earnings declined by about a quarter, to roughly N1.9 trillion, as trading income swung from a N467.8 billion gain to a N92.2 billion loss. Tax expense also more than doubled, to N206.8 billion.
In other words, the higher dividend comes despite lower after-tax profit. The board is signalling confidence in the bank’s capital position and cash generation, and the lower provisions suggest asset quality has improved from last year’s heavy clean-up.
During the period, Zenith completed its acquisition of Paramount Bank in Kenya, expanded in Côte d’Ivoire, and opened six new branches in Nigeria. Its shares have gained about 118% since the start of the year, rising from N61.80 to N134.70 as of October 9.
For shareholders, the message is a bigger cheque on October 30. For the wider market, the results show a lender whose earnings are shifting away from trading gains and towards core banking income, in a still-volatile currency and rate environment.
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