Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, showcasing significant growth across key performance metrics.
The Bank recorded a profit before tax (PBT) of N1.3 trillion, a 67% increase from the N796 billion reported in 2023. Gross earnings surged by 86% year-on-year (YoY) to N3.97 trillion in 2024, up from N2.13 trillion in 2023.
A statement from the bank highlights that the growth was propelled by a 138% rise in interest income, supported by investments in high-yield government securities and an expanded loan book. Net interest income rose by 135% to N1.7 trillion, while non-interest income increased by 20% to N1.1 trillion.
Commenting on the results, Adaora Umeoji, group managing director/CEO of the bank, stated: “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our stakeholders.”
Zenith Bank’s total assets grew by 47%, reaching N30 trillion, up from N20 trillion in 2023. Customer deposits also rose significantly by 45%, climbing from N15 trillion to N22 trillion, driven by increased retail and corporate deposits.
Despite inflationary pressures, the bank reported that it maintained a cost-to-income ratio of 38.9% and a Return on Average Assets (ROAA) of 4.1%. The Return on Average Equity (ROAE) adjusted to 32.5% due to the injection of new capital. The Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, reflecting prudent risk management practices.
As part of its commitment to shareholder value, Zenith Bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per share.
In a strategic move, the bank successfully raised N350 billion in capital through a rights issue and public offer, achieving a subscription rate of 160%. The funds will be used to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets.
