Zenith Bank Profit Soars by 53% to N1.032trn, Declares Dividend

Zenith Bank Plc has reported an impressive 52.58% surge in profit after tax, reaching N1.032 trillion in 2024, compared to N676.909 billion in 2023, according to its audited financial statements.  

A review of the bank’s full-year results reveals robust growth across key performance metrics, reinforcing its leadership position in Nigeria’s banking sector. The stellar performance is attributed to prudent risk asset management, an optimized treasury portfolio, and strategic investment in high-yield government securities.  

Zenith Bank’s gross earnings skyrocketed by 86% year-on-year, climbing from N2.13 trillion in 2023 to N3.97 trillion in 2024, driven by a 138% surge in interest income, fueled by a growing loan book and strong investments.  

Commenting on the results, Dame Dr. Adaora Umeoji OON, Group Managing Director/CEO, stated:  
"This performance underscores our commitment to innovation, financial inclusion, and customer-centric solutions. We remain dedicated to enhancing service delivery and creating sustainable value for our stakeholders."

Strong Financial Performance Across Board 

•⁠  ⁠Profit before tax (PBT) rose by 67% to N1.3 trillion from N796 billion, supported by top-line growth and efficient balance sheet management.  
•⁠  ⁠Net interest income surged 135% from N736 billion to N1.7 trillion, demonstrating core banking strength despite macroeconomic headwinds.  
•⁠  ⁠Non-interest income increased 20% to N1.1 trillion from N919 billion, reflecting diversified revenue streams.  
•⁠  ⁠Total assets expanded by 47%, rising from N20 trillion to N30 trillion, highlighting liquidity strength and sound capital deployment.  
•⁠  ⁠Customer deposits surged 45%, reaching N22 trillion—driven by strong corporate and retail deposits.  
•⁠  ⁠Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, showcasing strong risk management.  

Dividend Payout & Capital Strength 

Zenith Bank has proposed a final dividend of N4.00 per share, bringing its total dividend for 2024 to N5.00 per share.  

In a significant milestone, the bank *raised N350 billion via a rights issue and public offer, with an overwhelming **160% subscription rate—a clear testament to investor confidence in its growth trajectory. The capital will be strategically deployed to **enhance technology infrastructure, liquidity, and African market expansion*.  

Recognitions & Industry Leadership 

Zenith Bank continues to earn prestigious industry accolades:

 
•⁠  ⁠Ranked No. 1 Bank in Nigeria by Tier-1 Capital for 15 consecutive years (The Banker Magazine, 2024).  
•⁠  ⁠Bank of the Year (Nigeria) – 2020, 2022, 2024 (The Banker’s Bank of the Year Awards).  
•⁠  ⁠Best Bank in Nigeria – 2020, 2021, 2022, 2024 (Global Finance World’s Best Banks Awards).  
•⁠  ⁠Most Sustainable Bank, Nigeria – 2023, 2024 (International Banker Banking Awards).  
•⁠  ⁠Best in Corporate Governance (Africa) – 2020-2023 (Ethical Boardroom).  

Zenith Bank remains well-positioned for future growth, leveraging a solid capital base, innovative products, and strategic expansion to navigate an evolving financial landscape.  

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