Zenith Bank Plc has released its unaudited results for the third quarter which shows gross earnings growing 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024.
The bank disclosed this in its third quarter financial results presented to the Nigerian Exchange (NGX).
The triple-digit growth in the top line led to an increase in the bottom line, as the Group recorded a 99% year on year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1 trillion in Q3 2024.
Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.
The bank attributed the performance to the group’s resilience and market leadership in spite of the challenging macroeconomic environment.
It also stated that the growth in the top line was driven by the expansion of both interest income and non-interest income.
Interest income, according to the report, saw a notable 190% rise to N1.95 trillion, while non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions.
Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.
The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion.
The report stated that the growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty.
Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.
The bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits.
“Zenith Bank remains steadfast in its commitment to sustainable growth and value creation,” the bank said in the report.
Recall that Zenith Bank launched a capital raise programme on August 1, 2024, consisting of a combined Rights Issue and Public Offer.
This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalisation directive for commercial banks issued in March 2024.
The bank said the additional capital will enhance its ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.
In furtherance of this, the bank had in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.
“With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business.
“The bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce its leadership position within Nigeria’s financial sector and drive long-term growth,” the statement added.
