Zenith Bank Plc has released its audited results for the 2024 financial year, showing that profit after tax (PAT) rose to N1.032 trillion from N676.909 billion in 2023.
Profit before tax (PBT) rose by 67% to N1.3 trillion in 2024 from N795.962 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management.
Highlights of the group’s operating results for the year under review showed that the bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024.
The growth, according to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX) was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.
Net interest income increased by 135% from N736 billion in 2023 to N1.7 trillion while non-interest income also grew by 20% from N919 billion to N1.1 trillion.
The Bank’s total assets grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a strong liquidity position and effective balance sheet management.
Customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits.
Commenting on the results, the GMD/CEO, Dr Adaora Umeoji said: “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions.
“We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.”
Given the good earnings performance, the bank proposed a final dividend of N4.00 per share, which brings the total dividend for the year to N5.00 per ordinary share.
Zenith Bank has been a recipient of numerous awards including the one recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15 consecutive years in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024 and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
Other awards are Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
