FY’24: Zenith Bank Posts N1.3trn Profit, Proposes N4.00 Final Dividend

Zenith Bank Plc has announced strong financial results for the year ended December 31, 2024, highlighting significant growth across key performance metrics.

The Bank’s performance reflects effective management, risk asset pricing, and a robust treasury portfolio, solidifying its position as a leader in Nigeria’s banking sector.

In its audited financial results for 2024, Zenith Bank reported an 86% year-on-year (YoY) increase in gross earnings, reaching N3.97 trillion, up from N2.13 trillion in 2023. This growth was driven by a 138% increase in interest income and a boost in the Bank’s loan portfolio.

Group Managing Director/CEO, Dame Dr Adaora Umeoji OON, commented, “This performance demonstrates our commitment to innovation and customer-centric solutions, while advancing financial inclusion and value creation for all stakeholders.”

The Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion, up from N796 billion in 2023. Net interest income grew by 135%, from N736 billion to N1.7 trillion, while non-interest income rose by 20%, from N919 billion to N1.1 trillion.

Zenith Bank’s total assets increased by 47%, from N20 trillion in 2023 to N30 trillion in 2024. Customer deposits surged 45%, reaching N22 trillion, driven by both corporate and retail deposits. Despite inflationary pressures, the Bank maintained strong core banking performance, with a non-performing loan (NPL) ratio of 4.7% and a coverage ratio of 223%.

The Bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per share. Additionally, Zenith Bank raised N350 billion in capital through a rights issue and public offer, demonstrating strong investor confidence.

In a significant milestone, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from this capital raise will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets, unlocking new growth opportunities.

The bank remains focused on delivering sustainable growth, enhancing shareholder value, and driving financial inclusion through innovative banking solutions. With its solid capital base and innovative product offerings, the Bank is well-positioned to navigate evolving market conditions while continuing to strengthen its leadership in the Nigerian financial landscape.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year 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.

Further recognitions include 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.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.

The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.