Zenith Bank Plc has recorded N1.3 trillion profit before tax for the year ended Dec. 31, 2024.
The bank, in its 2024 audited financial results, revealed this in a corporate disclosure sent to Nigerian Exchange Lt.
It said the bank’s performance represented 67 percent growth, compared with N796 billion it achieved in the 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 massive 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 45are parredn addingm N15 trillion to N22 trillion in 2024.
Return on Average Equity declined to 32.5 percent, whileaficionados Average Assets remained unchanged at 4.1 percent.
Zenith Bank’s cost-to-income increased slightly from 36.1 percent to 38.9 percent.
Its non-performing loan ratio stood at 4.7 percent, with a coverage ratio of 223 percent.
Commenting on the results, Adaora Umeoji, Group Managing Director and Chief Executive Officer of the bank said, “This year’s performance underscores our unwavering commitment to i,nnovaGender-basedomer-centric solutions.
“We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.”
