Lagos, Nigeria – Zenith Bank Plc don drop im 2024 full year results wey show say dem make record profit after tax of N1.03 trillion. Dis one na big 52.5% increase from di N676.9 billion wey dem report last year. Dem also show say pre-tax profit reach N1.32 trillion, wey also be record and e increase by 66.6% year-on-year.
The bank also report say dem get Gross Earnings of N3.9 trillion, with interest income and trading income contributing wetin dey make di top line strong. As dem announce dis earnings, dem propose final dividend of N4.00 per share, wey bring di total dividend payout for 2024 profits to N5 per share, compared to N4 per share wey dem give in 2023.
For key highlights, Zenith Bank report say dem Gross Earnings don rise to N3.9 trillion, up from N2.39 trillion wey dem record di previous year. Di main driver of dis growth na interest income wey don surge reach N2.7 trillion, compared to N1.14 trillion for di year before. Di Group also report say dem get N206.8 billion in net fees and commission income, wey largely come from di electronic banking business, account maintenance fees, and foreign withdrawal charges.
Most of Zenith Bank’s income come from Nigeria, wey account for N3.5 trillion out of di N3.97 trillion for net consolidated revenue. Income wey dem generate from dia African and European operations total N510 billion, wey don increase from N281.1 billion wey dem report last year. Nairametrics analysis also show say di bank’s cost-to-income ratio don spike to about 30% for 2024, up from 27% the year before. Dis one dey happen because of di higher inflation wey dem experience for 2024.
Di report show say dem get increase for personal expenses and operating expenses wey don rise by 64.5% and 100%, respectively. Zenith Bank’s total assets na N29.96 trillion, wey confirm say dem dey among di largest financial institutions for Nigeria, wey only Access Holdings and UBA dey trail.
Di bank also talk say dem don complete di hybrid offer wey oversubscribed by 160%. As di result, Zenith Bank’s share capital don rise to N614.6 billion.
Group Managing Director/CEO, Dame Adaora Umeoji, emphasize sey di strong financial performance na proof of di bank’s resilience and di trust wey customers get for dem.
