Zenith Bank Plc has announced its impressive half-year results for 2024, maintaining its leading position in profitability with a triple-digit growth in both topline and bottomline.
The bank’s gross earnings grew by 117% from N967.3 billion in H1 2023 to N2.1 trillion in H1 2024, driven by an acceleration in both interest income and non-interest income.
The bank’s profit before tax increased by 108% from N350 billion in H1 2023 to N727 billion in H1 2024, while profit after tax grew by 98% from N292 billion to N578 billion.
Earnings per share also increased by 98% from N9.29 in H1 2023 to N18.41 in H1 2024.
The growth in gross earnings was driven by an increase in interest income, which surpassed the N1 trillion mark, growing by 177% from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024.
Non-interest income also grew by 74% from N515.7 billion to N899.3 billion.
The bank’s total assets grew by 35% from N20.4 trillion in December 2023 to N27.6 trillion in June 2024, while customer deposits grew by 29% from N15.2 trillion in December 2023 to N19.6 trillion in June 2024.
Gross loans also grew by 44% from N7.1 trillion in December 2023 to N10.2 trillion in June 2024.
The bank’s consistent stringent risk acceptance criteria helped ensure that the non-performing loan ratio continued to show only modest growth, increasing from 4.4% in December 2023 to 4.5% in June 2024.
In maximizing value to its shareholders, the bank has declared an interim dividend of N1.00 per share, the highest half-year dividend payout in its history.
The bank’s strong brand equity and excellent service quality position it to mine new business opportunities in strategic sectors of the economy.
It has received regulatory approval for the establishment of a third-country branch in Paris, France, and will continue to invest in enhancing its digital banking capabilities.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year.
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