Zenith Bank Plc has once again reaffirmed its dominance in Nigeria’s banking industry with an exceptional financial performance for the year ended December 31, 2024. The bank’s audited financial results highlight a remarkable surge across key indicators, showcasing its resilience, strategic innovation, and investor confidence.
Unprecedented Financial GrowthThe bank recorded a staggering 86% year-on-year increase in gross earnings, climbing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was primarily driven by a 138% surge in interest income, bolstered by strategic investments in high-yield government securities and a growing loan portfolio. Net interest income saw a substantial 135% rise, reaching N1.7 trillion, underscoring the bank’s strong core banking performance despite economic headwinds.
Zenith Bank’s profit before tax (PBT) jumped by 67%, hitting N1.3 trillion compared to N796 billion in 2023. The bank’s total assets surged by 47%, growing from N20 trillion in 2023 to an impressive N30 trillion in 2024, reinforcing its position as one of Nigeria’s largest financial institutions.
Strengthening Customer and Investor ConfidenceCustomer deposits experienced an unprecedented 45% increase, rising from N15 trillion to N22 trillion, reflecting a well-balanced mix of corporate and retail deposits. The bank’s commitment to financial inclusion and customer-centric banking continues to drive significant retail deposit inflows, further solidifying its liquidity position.
Return on Average Equity (ROAE) stood at 32.5%, adjusting due to capital injections, while Return on Average Assets (ROAA) remained steady at 4.1%. The bank’s prudent risk management was evident in its Non-Performing Loan (NPL) ratio, which remained at 4.7%, backed by a robust coverage ratio of 223%.
Strategic Capital Expansion and Investor ConfidenceA major highlight of the year was Zenith Bank’s successful N350 billion capital raise through a rights issue and public offer. The oversubscription rate of 160% underscores strong investor confidence in the bank’s future. The funds will be channeled towards technology infrastructure, liquidity strengthening, and expansion into key African markets, reinforcing the bank’s regional presence.
Commitment to Sustainable Growth and ExcellenceSpeaking on the bank’s stellar performance, Group Managing Director/CEO Dame Dr. Adaora Umeoji, OON, emphasized the institution’s dedication to innovation and value creation. “Our unwavering focus on deepening financial inclusion, enhancing service delivery, and leveraging technology continues to drive our success,” she stated.
Zenith Bank has also continued to receive global recognition, securing its position as Nigeria’s Number One Bank by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking by The Banker Magazine. Additionally, it was named Bank of the Year (Nigeria) for 2020, 2022, and 2024, and Best Bank in Nigeria four times in five years.
Looking AheadWith a final dividend of N4.00 per share, bringing total dividends for 2024 to N5.00 per share, Zenith Bank is delivering significant value to shareholders. The bank remains committed to sustainable growth, strategic expansion, and cementing its leadership position in Nigeria’s financial landscape.
As Zenith Bank continues its upward trajectory, it stands as a testament to the power of innovation, resilience, and a forward-thinking approach in navigating an evolving financial ecosystem.
