Zenith Bank’s Profit Surges Past N1 Trillion in 2024, Proposes N4 Final Dividend

byTrump Francis -
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Zenith Bank’s Profit Surges Past N1 Trillion in 2024, Proposes N4 Final Dividend  


Lagos, March 26, 2025 – Zenith Bank Plc has posted an impressive financial performance for the year ended December 31, 2024, with profit before tax (PBT) soaring to N1.3 trillion, marking a 67% year-on-year (YoY) increase from N796 billion in 2023.  

The bank’s audited financial statements, presented to the Nigerian Exchange (NGX), reflect robust gross earnings of N3.97 trillion, an 86% YoY growth from N2.13 trillion in 2023. This surge was fueled by a 138% rise in interest income, driven by investments in high-yield government securities and expansion of the loan book.  

Strong Growth Across Key Metrics  

Group Managing Director/CEO, **Dame Dr. Adaora Umeoji, OON, attributed the record-breaking performance to the bank’s commitment to innovation, customer-centric solutions, and efficient risk management.  

“This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders,” she stated.  

Zenith Bank’s net interest income surged by 135%, rising from N736 billion in 2023 to N1.7 trillion in 2024, while non-interest income increased by 20% to N1.1 trillion.  

Total assets expanded by 47% from N20 trillion in 2023 to N30 trillion in 2024, reflecting strong liquidity and effective balance sheet management. Customer deposits also grew significantly, jumping 45% to N22 trillion, driven by increased corporate deposits and retail banking expansion.  

Despite these achievements, Return on Average Equity (ROAE) declined to 32.5% due to capital injections, while Return on Average Assets (ROAA) remained steady at 4.1%. The cost-to-income ratio increased slightly from 36.1% to 38.9%, reflecting inflationary pressures.  

The bank’s Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring prudent risk management and a resilient loan book.  

Shareholders to Benefit from N5.00 Dividend 

Given its strong earnings performance, Zenith Bank has proposed a final dividend of N4.00 per share, bringing the total **dividend payout for 2024 to N5.00 per share.  

In a significant milestone, the bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence.  

The capital will be used to enhance technology infrastructure, strengthen liquidity, and support the bank’s expansion into key African markets, unlocking new growth opportunities.  

Industry Recognition and Awards 

Zenith Bank’s impressive track record continues to earn it numerous prestigious awards. It has been ranked Nigeria’s Number One Bank by Tier-1 Capital for the 15th consecutive year* in the 2024 Top 1000 World Banks Ranking by The Banker Magazine.  

Other notable recognitions include:  
- Bank of the Year (Nigeria) – The Banker’s Bank of the Year Awards (2020, 2022, 2024) 
- Best Bank in Nigeria– Global Finance World’s Best Banks Awards (2020, 2021, 2022, 2024) 
- Best Commercial Bank, Nigeria– *World Finance Banking Awards (2021-2024)
- Most Sustainable Bank, Nigeria – International Banker Banking Awards (2023, 2024)  
- Best Corporate Governance Bank, Nigeria – World Finance Corporate Governance Awards (2022-2024) 
- Most Valuable Banking Brand in Nigeria – The Banker Magazine Top 500 Banking Brands (2020, 2021)  
- Best in MSME Trade Finance – *Nairametrics (2023)

Zenith Bank was also named:  
- Bank of the Year 2024 – ThisDay Newspaper 
- Bank of the Year 2024 – New Telegraph Newspaper 
- Most Responsible Organisation in Africa – SERAS CSR Awards Africa 2024

Looking Ahead

With its solid capital base, innovative product offerings, and strategic expansion plans, Zenith Bank remains well-positioned to navigate evolving market conditions and sustain its leadership in the Nigerian financial sector.  

As the bank continues its commitment to innovation and customer service, it aims to drive financial inclusion, enhance shareholder value, and strengthen its footprint across Africa.


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