Nigerian banker Jim Ovia, the founder and chairman of Zenith Bank, is set to pocket nearly $5 million in interim dividends from his shares in the Lagos-based lender. The payment is part of a $34.5 million interim dividend approved for shareholders.
Zenith Bank declares $34.5 million interim dividend
The bank’s board of directors declared an interim dividend of N1.25 ($0.00083) per share, amounting to a total payout of N51.3 billion ($34.5 million). The dividend will be credited electronically to shareholders’ accounts on or after Oct. 10.
Ovia, the largest individual shareholder with a 14.12 percent stake in the bank, holds 5.8 billion shares. His portion of the interim dividend amounts to N7.25 billion ($4.9 million). This comes on top of the $12.7 million he received earlier this year from the bank’s final dividend.
Net profit drops on higher impairment charges
The payout follows mixed financial results for the first half of 2025. Net profit fell to N532.2 billion ($355.7 million) from N578 billion ($386.3 million) a year earlier. The decline was mainly driven by a sharp rise in impairment charges on both financial and non-financial instruments, even as the bank reported stronger core income.
Interest income rose to N1.84 trillion ($1.23 billion), up from N1.15 trillion ($770 million), while fees and commissions increased to N128.1 billion ($86 million) from N109.6 billion ($73 million). These gains were offset by weaker trading income, which dropped to N468 billion ($313 million) from N795.6 billion ($532.2 million), alongside higher impairment losses that nearly doubled to N760.8 billion ($509 million).
Total assets up 29% to $20.7 billion
Despite the earnings pressure, the bank’s balance sheet continued to expand. Total assets grew to N31 trillion ($20.7 billion) at the end of June from N24 trillion ($16.05 billion) at the close of 2024. Shareholders’ equity climbed to N4.6 trillion ($3.07 billion), up from N3.1 trillion ($2.07 billion), while retained earnings increased to N2.45 trillion ($1.64 billion).