Zenith Bank Records N1.3trn Profit before Tax in 2024

Zenith Bank Records N1.3trn Profit before Tax in 2024

Zenith Bank Plc has recorded N1.3 trillion profits before tax for the year ended December 31, 2024.

The bank, in its 2024 audited financial results, revealed this in a corporate disclosure sent to Nigerian Exchange Ltd.

It said the bank’s performance represented 67 per cent growth, compared with N796 billion it achieved in same period of 2023.

The bank also posted a double-digit year-on-year growth of 86 per cent in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024.

This growth was driven by a 138 per cent increase in interest income, supported by investment in high-yield government securities, and growth in the bank’s loan book.

The performance was driven by a combination of top-line expansion and efficient treasury portfolio management.

The bank’s net interest income increased by 135 per cent from N736 billion in 2023 to N1.7 trillion.

The non-interest income also grew by 20 per cent from N919 billion to N1.1 trillion.

The bank’s total assets grew by 47 per cent from N20 trillion in 2023 to N30 trillion in 2024, while customer deposits surged by 45 per cent from N15 trillion to N22 trillion in 2024.

Return on Average Equity (ROAE) declined to 32.5 per cent, while Return on Average Assets (ROAA) remained unchanged at 4.1 per cent.

Zenith bank’s cost-to-income increased slightly from 36.1 per cent to 38.9 per cent.

Its non-performing loan ratio stood at 4.7 per cent, with a coverage ratio of 223 per cent.

Commenting on the results, Adaora Umeoji, Group Managing Director and Chief Executive Officer 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.”