Zenith Bank
Zenith Bank Plc has reinforced its leadership in Nigeria’s banking industry, delivering strong financial performance in its audited results for 2024. The bank recorded significant growth across key performance indicators, reflecting its effective risk management, strategic treasury portfolio, and customer-centric approach.
According to its audited financial results for the year ended December 31, 2024, presented to the Nigerian Exchange (NGX), Zenith Bank posted an 86% year-on-year (YoY) growth in gross earnings, surging from ₦2.13 trillion in 2023 to ₦3.97 trillion in 2024. This growth was driven by:
- 138% increase in interest income, fueled by investments in high-yield government securities
- Expansion of the Bank’s loan book
Zenith Bank Profit Before Tax (PBT) Soars to ₦1.3 Trillion
The Bank’s profit before tax (PBT) jumped by 67%, climbing from ₦796 billion in 2023 to ₦1.3 trillion in 2024. This was driven by:
- Top-line revenue expansion
- Strategic treasury portfolio management
Additionally, net interest income rose by 135% from ₦736 billion in 2023 to ₦1.7 trillion in 2024, while non-interest income increased by 20% from ₦919 billion to ₦1.1 trillion.
Read also: Zenith Bank Delivers Remarkable Triple-Digit Growth In Gross Earning As PBT Hits N1.0 Trillion In Q3 2024
Impressive Asset Growth and Strong Liquidity Position
Zenith Bank strengthened its balance sheet with a 47% growth in total assets, increasing from ₦20 trillion in 2023 to ₦30 trillion in 2024. Other key highlights include:
- Customer deposits surged by 45%, from ₦15 trillion to ₦22 trillion, driven by retail deposits and strong corporate accounts
- Return on Average Equity (ROAE) stood at 32.5%, reflecting the bank’s ability to generate strong shareholder returns
- Return on Average Assets (ROAA) remained stable at 4.1%
- Non-Performing Loan (NPL) ratio was 4.7%, with a coverage ratio of 223%, showcasing the bank’s prudent risk management strategy
Zenith Bank ₦4.00 Dividend Proposal and Capital Strengthening
Given its impressive financial performance, Zenith Bank has proposed a ₦4.00 final dividend per share, bringing the total dividend payout for 2024 to ₦5.00 per ordinary share.
To further bolster its growth, the Bank successfully raised ₦350 billion in capital through a rights issue and public offer, achieving a subscription rate of 160%, underscoring investor confidence in the bank’s strategy. The funds will be used to:
- Enhance technology infrastructure
- Strengthen liquidity
- Expand into key African markets
Awards and Industry Recognition
Zenith Bank’s consistent excellence in banking has earned it numerous prestigious awards, including:
- Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking (The Banker Magazine)
- Bank of the Year (Nigeria) – The Banker’s Bank of the Year Awards (2020, 2022, 2024)
- Best Bank in Nigeria – Global Finance World’s Best Banks Awards (2020, 2021, 2022, 2024)
- Most Valuable Banking Brand in Nigeria – The Banker Magazine (2020, 2021)
- Best Corporate Governance Bank, Nigeria – World Finance Corporate Governance Awards (2022, 2023, 2024)
Future Outlook: Sustaining Growth and Financial Inclusion
Zenith Bank remains committed to driving sustainable growth, enhancing shareholder value, and deepening financial inclusion through innovative banking solutions. With its solid capital base, technological advancements, and strategic expansions, the bank is well-positioned to navigate evolving market conditions while solidifying its dominance in Nigeria’s financial sector.
