Zenith Bank to seek shareholders approval to raise N100bn

 

Zenith Bank said on Tuesday it would seek shareholder approval next month to raise N100 billion via a combination of share or bond sale and global depository receipts.
The lender also said it would seek approval to increase its share capital to N40 billion from N20 billion at the shareholders’ meeting on March 22, 2017.
The bank had yesterday reported full year ended December 31, 2016 pre-tax profit N156.75 billion against N125.62 billion.
It gross earnings stood at N508 billion compared to N432.54 billion, while the lender’s proposed a final dividend of 1.77 kobo per share in addition to 0.25 kobo interim dividend paid late last year.