Access Bank, GTCo, Zenith And UBA Pay Shareholders Highest Dividends For 2022
- About four Nigerian banks have emerged highest dividend-paying banks for 2022
- UBA, Access Bank, GTCo, and Zenith Bank paid shareholders about N236.43 billion in 2022
- Zenith Bank shareholders approved a proposed final dividend of N91.05 billion in 2022, among others
Stock market investors in Nigeria have made bumper harvests from their investments in listed and quoted firms as they rake in vast amounts of residual income from dividend payments for the 2022 financial year.
According to BusinessDay, United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.
Zenith and GTB emerge most attractive banks
Per the data, Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Dividend payment is of the ways the stock market investors make passive income, while firms also use it as an incentive to encourage investors and attract investment.
Dividends are paid from the profit declared in a particular financial year.
Some companies, however, vote against dividend payment if the board believes the company needs the cash a loss is recorded.
Profit after tax deductions reported by the four banks spiked slowly by 2.59% in an aggregate of N716.26 billion in 2022 from N698.17 billion in 2021 as they recorded losses from Ghana's debt default.
Investigations revealed that Zenith Bank shareholders approved a proposed final dividend of N91.05 billion in 2022, while GTCo shareholders declared an N2.80k per 50 kobo ordinary share final dividend, amounting to N82.41 billion.
Other tiers one category banks, such as Access Holdings, paid an interim dividend in June 2022 at 20 kobo, amounting to N7.11 billion, while UBA's final dividends stood at 90 kobo, amounting to N30.78 billion.
Zenith and GTCo Bank dividend payout
Zenith Bank and GTB recorded the most attractive dividend-paying stocks in the industry.
Zenith Bank's profit paid to shareholders increased to N65.95 billion in Q1 of 2023, a 13.5% increase from n58.12 billion in the Q1 of 2022.
Cas and its equivalents at the end of the period increased by 65% to N2.31 trillion in Q1 of 2023 from N1.40 trillion in Q1 of 2022.
GTCO's total dividend arrived at N3.10 per share for the 2022 financial year; the bank's total dividend for 2021 stood at N3.00.
CBN, others sanction 7 commercial banks N1 billion for foreign exchange violations
Legit.ng reported that findings reveal that Seven commercial Banks paid over N1 billion as fines to the Central Bank of Nigeria (CBN), the Securities and Exchange Commission, the National Insurance Commission, the Pension Commission, and Others in 2022.
The disclosure was made in the banks’ financials for 2022, which were filed on the Nigerian Exchange Limited.
The banks include Access Holdings Plc, Wema Bank, Union Bank, GTCo, FCMB Group, Fidelity Bank, and Stanbic IBTC Holdings.