Lagos, Nigeria — Zenith Bank Plc yesterday report say dem make N3.97 trillion gross earnings for year wey end for December 31, 2024, an increase of 86% from the N2.12 trillion wey dem make for 2023. Dis impressive growth na because of 138% jump in interest income, wey come from investment for high-yield government securities and the Bank’s rising loan book.
According to di audited financial results wey dem file for Nigerian Exchange (NGX), di Bank profit before tax (PBT) rise by 67% to N1.3 trillion in 2024 from N796 billion last year. Dis growth no be accident; e happen because of top-line expansion and efficient treasury management.
“Dis year’s performance show wetin we dey committed to in terms of innovation and customer service,” na wetin Dame Dr Adaora Umeoji, di Group Managing Director/CEO talk. “We go still focus on increasing financial inclusion and improving service delivery to benefit our customers and stakeholders.”
Zenith Bank net interest income increase sharply by 135%, grow from N736 billion in 2023 to N1.7 trillion, which show say di Bank dey perform well despite di macroeconomic situation wey dey affect plenty businesses.
Non-interest income too see growth, rising by 20% from N919 billion to N1.1 trillion, supported by higher fees wey di bank dey collect and innovations in digital banking.
Di Bank total assets increase by 47% from N20 trillion in 2023 to N30 trillion in 2024. Dis significant growth dey powered by a strong liquidity position and smart balance sheet management.
Customer deposits dey surge too, climbing 45% from N15 trillion to N22 trillion in 2024. Dis growth dey reflect you say dem get strong corporate deposits as well as a steady rise in retail deposits.
Even though Return on Average Equity (ROAE) drop to 32.5% due to di new capital injection, Return on Average Assets (ROAA) remain steady at 4.1%. Di Bank’s Non-Performing Loan (NPL) ratio dey stable at 4.7%, with a coverage ratio of 223%, showing say dem dey manage risk well.
Zenith Bank don propose final dividend of N4.00 per share, making total dividend N5.00 per ordinary share for di year. Dis na good news for shareholders as di Bank dey continue to create value for dem.
Zenith Bank also don successfully raise N350 billion in capital through rights issue and public offer, wey show say investors believe well for di Bank’s growth path. Di money from di capital raise go help to improve di bank’s technology and expand into more African markets.
With all di achievements and increments in performance, Zenith Bank dey well-positioned to lead and adapt to di changing market conditions in Nigeria’s financial landscape.
