Zenith Bank Plc has released its 2024 Financial Year results, reporting a record profit after tax of N1.03 trillion.
This represents a 52.5 percent increase over the N676.9 billion reported a year earlier.
The bank also reported a pre-tax profit of N1.32 trillion, which is also a record for the bank, and a 66.6 percent increase year on year.
A cursory analysis of the results also shows that the bank reported Gross Earnings of N3.9 trillion, with interest income and trading income contributing majorly to the top line.
As part of its earnings announcement, the bank proposed a final dividend of N4.00 per share, bringing its total dividend payout from 2024 profits to N5 per share, compared to N4 per share in 2023.
Key highlights (2024 v. 2023):
- Gross earnings: N3.971 trillion +86.28 percent YoY
- Interest Income: N2.721 trillion +137.74 percent YoY
- Interest Expense: N992.474 billion +142.96 percent YoY
- Net interest income; N1.729 trillion +134.85 percent YoY
- Impairment charges: N658.805 billion +60.83 percent YoY
- Net interest income after impairment charges: N1.070 trillion +227.68 percent YoY
- Net fees and commission income: N206.867 billion +89.25 percent YoY
- Trading gains: N1.100 trillion +94.01 percent YoY
- Profit after tax: N1.033 trillion +52.59 percent YoY
- Basic EPS: N32.87 +32.87 percent YoY
- Cash and cash equivalents with banks: N5.888 trillion +38.44 percent YoY
- Loan and advances: N9.965 trillion +51.99 percent YoY
- Total Assets: N29.958 trillion +47.08 percent YoY
- Customers deposit: N21.959 trillion +44.78 percent YoY
- Share capital & share premium: N614.648 billion +127.02 percent YoY
- Retained earnings: N2.016 trillion, +70.89 percent YoY
- Shareholders’ fund: N4.029 trillion +73.42 percent YoY
Zenith Bank reported gross earnings of N3.9 trillion, up from N2.39 trillion recorded a year earlier.
A key driver of this growth was interest income, which surged to N2.7 trillion, compared to N1.14 trillion in the previous year.
Gross earnings from commissions and fees rose to N356.3 billion, up from N177.5 billion in the prior year.
Specifically, the bank earned approximately N80 billion from electronic-related fees, N73 billion from account maintenance charges, and N79 billion from foreign withdrawal charges.
However, Zenith Bank’s highest non-interest revenue came from its trading business, which delivered a record N1.1 trillion in earnings—almost double the N566.9 billion recorded a year earlier.
A bulk of Zenith Bank’s income was generated within Nigeria, accounting for N3.5 trillion out of the N3.97 trillion in net consolidated revenue. Income from its African and European operations totaled N510 billion, up from N281.1 billion in the previous year.
In a recent statement, the bank confirmed that it had completed the hybrid offer, which was oversubscribed by 160 percent. As a result, Zenith Bank’s share capital rose to N614.6 billion.
NAIRAMETRICS
