An examination of the financial institution’s comprehensive annual results revealed substantial growth across essential performance metrics. The bank’s notable performance reflects efficient administration and pricing of its risk assets, coupled with an optimized treasury portfolio, solidifying its position as a frontrunner in Nigeria’s banking sector.
Zenith Bank documented a double-digit year-over-year expansion of 86% in total revenue, escalating from N2.13 trillion in 2023 to N3.97 trillion in 2024. This augmentation was propelled by a 138% increase in interest revenue, bolstered by investments in high-yield government bonds and an expansion in the bank’s loan portfolio.
Commenting on the financial outcomes, Dame Dr. Adaora Umeoji OON, Group Managing Director/CEO, articulated, “This year’s financial achievements accentuate our steadfast dedication to innovation and customer-focused solutions. We will also remain committed to enhancing financial inclusion, improving service delivery, and generating value for our clientele and stakeholders.”
Zenith Bank’s earnings before taxation (PBT) ascended by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, attributable to a combination of revenue growth and effective treasury portfolio management.
Net interest revenue grew by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the bank’s robust core banking performance and capacity to enhance earnings despite challenging macroeconomic conditions. Non-interest revenue also experienced a 20% increase from N919 billion to N1.1 trillion.
The bank’s total assets expanded by 47% from N20 trillion in 2023 to N30 trillion in 2024, supported by a strong liquidity position and effective balance sheet management.
Customer deposits increased significantly by 45%, from N15 trillion to N22 trillion, in 2024, reflecting a historically strong corporate deposits portfolio and a consistent rise in retail deposits. The increase in retail deposits was facilitated by customer acquisition and the bank’s strategic emphasis on low-cost funding.
Return on Average Equity (ROAE) decreased to 32.5% due to the introduction of new capital, while Return on Average Assets (ROAA) remained consistent at 4.1%. The bank’s cost-to-income ratio experienced a slight increase from 36.1% to 38.9%, despite inflationary pressures.
Its non-performing loan (NPL) ratio was recorded at 4.7%, with a coverage ratio of 223%, highlighting the bank’s prudent risk management and commitment to maintaining a resilient loan portfolio, ensuring stability and confidence in the bank’s operations.
Given the favorable earnings performance, the bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per ordinary share.
In a significant accomplishment, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offering, with a subscription rate of 160%, demonstrating strong investor confidence in the bank’s growth trajectory.
The proceeds from this capital raise will be strategically allocated to improve technological infrastructure, strengthen liquidity, and facilitate the bank’s expansion into key African markets, unlocking new growth opportunities.
The bank remains focused on achieving sustainable growth, enhancing shareholder value, and promoting financial inclusion through innovative banking solutions. With its strong capital base and innovative product offerings, the bank is well-positioned to navigate evolving market conditions while continuing to solidify its leadership in the Nigerian financial landscape.
Zenith Bank’s history of exceptional performance has continued to garner numerous accolades, including recognition as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
The bank was also honored with the Bank of the Year (Nigeria) award in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024 and Best Bank in Nigeria four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
Additional recognitions include Best Commercial Bank, Nigeria, for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria, in the International Banker 2023 and 2024 Banking Awards.
Furthermore, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023, and 2024 and ‘Best in Corporate Governance’ Financial Services, Africa, for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The bank’s dedication to excellence resulted in its being named the most valuable banking brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, 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 from 2020 to 2022 and in 2024 at the BAFI Awards.
The bank also received the accolades of Best Commercial Bank, Nigeria, and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith Bank was also named Most Responsible Organization in Africa, Best Company in Transparency and Reporting, and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.
