By Our Correspondent

Lagos (INVESTADVOCATE)-Zenith Bank Plc Tuesday maintained its dividend boost as it declared N1.60 for its Audited Year Ended December 31 2011.

This is contained in the Result Announcement of the Bank to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

To maintain the dividend rise, the Bank in the Audited Year End 2011 paid shareholders 95 Kobo dividend compared to the proposed N1.60 Kobo in year 2012 end; showing a 68.42 percent (68.42%) increase in the review period.

The Bank in year 2010 end paid a dividend of 85 Kobo to its shareholders.

Zenith Bank in its Corporate Action notified its shareholders that Qualification Date and Closure Date of register of shareholders is April 12 and 15 2013  respectively; while payment date is April 24 2013 after its Annual General Meeting (AGM) still on April 24 2013 in Lagos Nigeria.

The Bank’s Annual General Meeting (AGM) is scheduled to take place on April 03, 2012 at the Civic Centre, Victoria Island in Lagos Nigeria.

According to INVESTMENT ONE Research, the proposed N1.60 dividend translates to 7.31% yield, setting the pace for the banking sector.

INVESTMENT ONE Research affirmed that Market reaction was slightly negative at the time of announcement and Year-to-date, Zenith Bank has gained 9.29%, broadly lagging the strong rally recorded in the sector so far this year.

“We do not anticipate any strong rally on the back of this numbers pending when the full 2012FY results are disclosed” the INVESTMENT ONE Research said.