Zenith Bank Plc has achieved remarkable financial performance in the first half of 2024, recording an exceptional 117% growth in gross earnings, reaching N2.1 trillion, up from N967.3 billion in H1 2023. Despite a challenging macroeconomic environment, the bank’s robust strategies have driven significant growth across key financial metrics.
Profit before tax surged by 108% to N727 billion, while profit after tax increased by 98% to N578 billion. This exceptional growth translated into a 98% rise in earnings per share (EPS), from N9.29 in H1 2023 to N18.41 in H1 2024. The impressive financial results underscore Zenith Bank’s resilience and ability to navigate the complexities of the Nigerian banking sector.
The growth in gross earnings was driven by a substantial increase in both interest income and non-interest income, with interest income surpassing the N1 trillion mark for the first time, growing by 177% year-on-year. Non-interest income also recorded a 74% increase, reaching N899.3 billion. The bank’s focus on operational efficiency ensured only a marginal rise in the cost-to-income ratio, maintaining a competitive edge in the industry.
Zenith Bank’s total assets grew by 35% to N27.6 trillion, while customer deposits increased by 29% to N19.6 trillion. The bank’s prudent risk management practices resulted in a modest increase in the non-performing loan ratio, while capital adequacy and loan-to-deposit ratios remained strong.
The bank’s commitment to shareholder value was demonstrated by the declaration of an interim dividend of N1.00 per share, the highest half-year dividend in its history. Zenith Bank’s expansion plans, including the establishment of a branch in Paris, further position it for continued growth in international markets.
As Zenith Bank continues to enhance its digital banking capabilities and upgrade its technology infrastructure, it remains well-prepared to meet the new capital requirements set by the Central Bank of Nigeria (CBN). With a solid track record of performance and numerous accolades, Zenith Bank is poised for a record year in 2024, delivering maximum value to its shareholders while upholding strong corporate governance.
