Zenith Bank Plc grew gross earnings by 86 percent year-on-year from N2.13 trillion in 2023 to N3.97 trillion for the year ended December 31, 2024.
This growth was driven primarily by a 138 percent increase in interest income, following an expanded loan book and strategic investment in high-yield government instruments.
Profit before tax grew by 67 percent from N796 billion in 2023 to N1.3 trillion in 2024, supported by a strong top-line performance and efficient treasury portfolio management.
Net interest income advanced by 135 percent to N1.7 trillion, up from N736 billion in the previous year. This underlines the Group’s core banking strength and pricing efficiency in risk asset management.
Non-interest income grew by 20 percent to N1.1 trillion from N919 billion in 2023, reflecting improved income from trading and fee-based activities.
Zenith Bank’s total assets increased by 47 percent from N20 trillion to N30 trillion in 2024. This was supported by a 45 percent rise in customer deposits, which reached N22 trillion compared to N15 trillion in the previous year.
The growth in retail and corporate deposits further strengthened the Bank’s liquidity position.
Commenting on the results, Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO, stated, “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will continue to deepen financial inclusion, enhance service delivery, and create value for all stakeholders.”
Return on average equity (ROAE) declined to 32.5 percent due to the injection of new capital, while return on average assets (ROAA) remained stable at 4.1 percent.
The cost-to-income ratio increased slightly to 38.9 percent from 36.1 percent in 2023 despite ongoing inflationary pressures.
The Group maintained asset quality with a non-performing loan (NPL) ratio of 4.7 percent and a coverage ratio of 223 percent.
The Board of Directors has proposed a final dividend of N4.00 per share, bringing the total dividend for the 2024 financial year to N5.00 per share.
During the year, Zenith Bank successfully raised N350 billion through a rights issue and public offer, recording a subscription rate of 160 percent.
The capital injection will support technology infrastructure, liquidity enhancement, and the Group’s expansion across key African markets.
Zenith Bank was 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 by The Banker Magazine. The Group also received multiple awards for corporate governance, sustainability, and retail banking excellence.
The Bank reiterated its commitment to delivering sustainable growth, enhancing shareholder value and driving digital innovation as it navigates the evolving macroeconomic environment.
