Zenith Bank Reports Strong Financial Growth for 2024
Zenith Bank Plc has recorded significant growth across key performance indicators for the financial year ended December 31, 2024, reinforcing its leadership position in Nigeria’s banking sector.
The Bank posted a net profit of N1.033 trillion, a substantial increase from N676.909 billion in 2023. This growth reflects effective risk asset management, optimized treasury operations, and a strong revenue-generating strategy.
In recognition of its strong earnings performance, the Bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per share.
The audited financial results presented to the Nigerian Exchange (NGX) show an 86% year-on-year (YoY) increase in gross earnings, rising from N2.13 trillion in 2023 to N3.97 trillion in 2024. This expansion was driven by a 138% rise in interest income, fueled by investments in high-yield government securities and an expanded loan portfolio.
Performance Highlights:
- Profit Before Tax (PBT): N1.3 trillion (67% increase from N796 billion in 2023)
- Net Interest Income: N1.7 trillion (135% increase from N736 billion)
- Non-Interest Income: N1.1 trillion (20% increase from N919 billion)
- Total Assets: N30 trillion (47% growth from N20 trillion)
- Customer Deposits: N22 trillion (45% increase from N15 trillion)
Despite inflationary pressures, the Bank maintained a cost-to-income ratio of 38.9%, up slightly from 36.1%, while Return on Average Assets (ROAA) remained steady at 4.1%. Return on Average Equity (ROAE) adjusted to 32.5%, reflecting capital injections during the year.
Zenith Bank also maintained a Non-Performing Loan (NPL) ratio of 4.7%, with a coverage ratio of 223%, demonstrating its strong risk management framework.
Capital Raise & Strategic Expansion
In a significant milestone, Zenith Bank successfully raised N350 billion through a rights issue and public offer, achieving a 160% subscription rate—a clear signal of investor confidence.
The Bank stated that the proceeds from this capital raise will be strategically utilized to enhance technology infrastructure, strengthen liquidity, and expand into key African markets, positioning it for long-term growth.
Speaking on the results, Group Managing Director/CEO Dr. Adaora Umeoji emphasized the Bank’s commitment to innovation and financial inclusion:
“This year’s performance underscores our unwavering dedication to customer-centric solutions. We remain focused on deepening financial inclusion, enhancing service delivery, and creating long-term value for our stakeholders.”
With a solid capital base and a forward-thinking approach, Zenith Bank is well-equipped to navigate evolving market conditions while solidifying its leadership in the Nigerian financial landscape.
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