Zenith Bank’s 2024 financial results show impressive growth, with a 86% YoY increase in gross earnings and a N5.00 per share dividend proposal

Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, showcasing a remarkable performance across several key indicators.

The bank’s impressive growth reflects its effective risk asset management, an optimized treasury portfolio, and strategic investments, further solidifying its leadership in Nigeria’s banking sector.

According to the financial results, Zenith Bank’s gross earnings surged by 86% year-on-year (YoY), rising from N2.13 trillion in 2023 to N3.97 trillion in 2024.

This growth was primarily driven by a 138% increase in interest income, stemming from investments in high-yield government securities and the expansion of the bank’s loan book.

Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO of Zenith Bank, commented on the results, saying, “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 our customers and stakeholders.”

The bank’s profit before tax (PBT) saw a substantial 67% increase, rising from N796 billion in 2023 to N1.3 trillion in 2024. This growth was propelled by strong revenue generation and efficient treasury management.

Zenith Bank’s net interest income also climbed by 135%, reaching N1.7 trillion, while non-interest income grew by 20%, rising from N919 billion to N1.1 trillion.

Zenith Bank’s total assets expanded by an impressive 47%, reaching N30 trillion in 2024, up from N20 trillion the previous year. This was supported by a solid liquidity position and effective balance sheet management. The bank’s customer deposits also grew by 45%, from N15 trillion to N22 trillion, largely driven by a focus on both corporate and retail customer bases.

The bank reported a Return on Average Equity (ROAE) of 32.5% and a Return on Average Assets (ROAA) of 4.1%. The cost-to-income ratio slightly increased from 36.1% to 38.9%, reflecting inflationary pressures.

Zenith Bank’s Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring the bank’s prudent risk management practices.

Given its outstanding earnings performance, Zenith Bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per ordinary share.

In addition to its impressive financial performance, Zenith Bank raised N350 billion in capital through a rights issue and public offer, achieving a 160% subscription rate.

The funds raised will be deployed to enhance the bank’s technology infrastructure, strengthen liquidity, and support its expansion into key African markets, unlocking new growth opportunities.

Zenith Bank’s consistent performance has earned it multiple prestigious awards, including the title of Bank of the Year (Nigeria) at The Banker’s Bank of the Year Awards in 2020, 2022, and 2024.

The bank was also ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in The Banker Magazine’s 2024 Top 1000 World Banks Ranking.

Additional recognitions include the Most Sustainable Bank (Nigeria) by International Banker (2023 & 2024) and Best Corporate Governance Bank (Nigeria) by World Finance Corporate Governance Awards (2022–2024).

Zenith Bank continues to set benchmarks for excellence in the banking industry, further solidifying its reputation as one of Nigeria’s most valuable financial institutions.