Zenith Bank Shatters Records with N1.03trn Profit, Strengthens....

Samuel Mobolaji

Zenith Bank Plc has posted a historic profit after tax of N1.03 trillion for the 2024 financial year, setting a new benchmark in Nigeria’s banking industry.

This represents a 52.5 per cent increase from the N676.9 billion recorded in 2023, reflecting the bank’s resilience, strategic growth initiatives, and dominance in an evolving financial landscape.

The bank’s pre-tax profit also surged to an unprecedented N1.32 trillion, a 66.6 per cent rise from the previous year, driven by significant growth in interest income, trading revenues, and commission-based earnings.

Gross earnings soared by 86 per cent to N3.97 trillion, with interest income alone contributing N2.72 trillion, marking a remarkable 138 per cent year-on-year growth.

This was largely attributed to strategic investments in risk-free government securities, higher loan book expansion, and a favourable high-interest-rate environment.

Zenith Bank’s trading business delivered a record-breaking N1.1 trillion in earnings, nearly doubling its previous year’s performance. Non-interest income also witnessed substantial growth, with net fees and commission income climbing to N206.8 billion, boosted by increased electronic banking transactions, account maintenance charges, and foreign withdrawal fees.

The bank’s total assets expanded by 47 per cent to N29.96 trillion, reinforcing its position as one of Nigeria’s largest financial institutions. Customer deposits grew by 45 per cent to N21.96 trillion, reflecting the bank’s strong corporate and retail deposit base, as well as continued customer confidence. The shareholders’ fund also rose to N4.03 trillion, supported by a significant increase in retained earnings.

In line with its commitment to shareholder value, Zenith Bank has proposed a final dividend of N4.00 per share, bringing the total dividend payout for the year to N5.00 per share.

To strengthen its capital base and meet the Central Bank of Nigeria’s new capitalisation requirements, Zenith Bank successfully raised N350 billion through a rights issue and public offer, which was oversubscribed by 160 per cent. The capital injection will be strategically deployed to enhance technology infrastructure, boost liquidity, and drive expansion into key African markets.

Zenith Bank’s impressive financial performance has earned it multiple awards, including recognition as Nigeria’s top bank by Tier-1 capital for the fifteenth consecutive year. The bank has also been named Best Bank in Nigeria, Most Sustainable Bank, and Best in Corporate Governance by leading global financial institutions.

With a solid capital base, a diversified revenue stream, and a clear growth strategy, Zenith Bank remains at the forefront of Nigeria’s financial sector. As it continues to leverage innovation and expand its market presence, the bank is well-positioned to sustain its leadership and drive long-term growth in the banking industry.