Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, showcasing significant growth across key performance indicators.
The Bank’s impressive performance reflects effective risk asset management, an optimized treasury portfolio, and strategic investments, solidifying its leadership in Nigeria’s banking industry.
According to the audited financial results presented to the Nigerian Exchange (NGX), Zenith Bank recorded an 86% year-on-year (YoY) increase in gross earnings, rising from N2.13 trillion in 2023 to N3.97 trillion in 2024.
This growth was fueled by a 138% surge in interest income, attributed to investments in high-yield government securities and the expansion of the Bank’s loan book.
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 our customers and stakeholders.”
Zenith Bank’s profit before tax (PBT) surged by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, driven by strong revenue growth and efficient treasury portfolio management. Net interest income climbed by 135%, from N736 billion in 2023 to N1.7 trillion, reinforcing the Bank’s strong core banking performance despite macroeconomic challenges. Non-interest income also posted a 20% growth, increasing from N919 billion to N1.1 trillion.
The Bank’s total assets expanded by 47%, reaching N30 trillion in 2024 from N20 trillion in 2023, supported by a robust liquidity position and effective balance sheet management. Customer deposits grew by 45% from N15 trillion to N22 trillion, reflecting the Bank’s strong corporate deposit base and increasing retail deposits. The growth in retail deposits was driven by an aggressive customer acquisition strategy and a focus on low-cost funding.
Zenith Bank’s Return on Average Equity (ROAE) stood at 32.5%, while Return on Average Assets (ROAA) remained at 4.1%. The cost-to-income ratio increased slightly from 36.1% to 38.9%, despite inflationary pressures. The Non-Performing Loan (NPL) ratio was reported at 4.7%, with a coverage ratio of 223%, underscoring the Bank’s prudent risk management and resilient loan book.
Given its strong 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.
The Bank successfully raised N350 billion in capital through a rights issue and public offer, achieving a 160% subscription rate, demonstrating strong investor confidence in its growth trajectory. The proceeds will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support expansion into key African markets, unlocking new growth opportunities.
Zenith Bank’s outstanding performance continues to earn it prestigious awards. It was ranked 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. The Bank also won the Bank of the Year (Nigeria) title at The Banker’s Bank of the Year Awards in 2020, 2022, and 2024, as well as the Best Bank in Nigeria award in 2020, 2021, 2022, and 2024 in the Global Finance World’s Best Banks Awards.
Additional recognitions include Best Commercial Bank, Nigeria (2021–2024) in the World Finance Banking Awards, Most Sustainable Bank, Nigeria (2023 & 2024) by International Banker, and Best Corporate Governance Bank, Nigeria (2022–2024) by World Finance Corporate Governance Awards. Furthermore, Zenith Bank was honored as the Most Valuable Banking Brand in Nigeria in The Banker Magazine’s Top 500 Banking Brands for 2020 and 2021.
The Bank also received accolades such as 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 (2020–2022) and in 2024 at the BAFI Awards. Other notable recognitions include Best in MSME Trade Finance 2023 by Nairametrics and Most Responsible Organisation in Africa at the SERAS CSR Awards Africa 2024.
