Zenith Bank Records N1.3 Trillion Profit Before Tax in 2024 – A 67% Growth Surge

 By: Manoah kikekon 

Zenith Bank [Photo credit: The Cable]

Zenith Bank Plc has announced an impressive N1.3 trillion Profit Before Tax (PBT) in its 2024 audited financial results, marking a 67% increase from the N796 billion recorded in 2023. 

The financial powerhouse disclosed this milestone in a corporate filing submitted to the Nigerian Exchange Limited (NGX), reinforcing its position as a leader in Nigeria’s banking sector.  

Key Financial Highlights: Gross Earnings Soar by 86% – From N2.13 trillion (2023) to N3.97 trillion (2024)

Interest Income Jumps 138% – Driven by strategic investments in high-yield government securities and loan book expansion  

Net Interest Income Up 135% – Rising from N736 billion to N1.7 trillion

Total Assets Grow by 47% – Reaching N30 trillion, up from N20 trillion  

Customer Deposits Increase by 45% – Climbing to N22 trillion.

Despite a slight rise in cost-to-income ratio (38.9% from 36.1%), Zenith Bank maintained strong asset quality, with a non-performing loan ratio of 4.7% and an impressive 223% coverage ratio.  

Dr. Adaora Umeoji, Group Managing Director/CEO, attributed the outstanding performance to the bank’s customer-focused innovations** and strategic financial management.  

“Our 2024 results reflect Zenith Bank’s relentless drive for excellence, financial inclusion, and superior stakeholder value. We remain committed to delivering cutting-edge solutions while sustaining growth in key economic sectors,” she stated.  

With this record-breaking performance, Zenith Bank continues to set industry benchmarks, reinforcing investor confidence and its reputation as Nigeria’s most profitable bank. 

(NAN)