By Ayomide Otitoju
Zenith Bank Plc has reported a remarkable 117% increase in gross earnings, climbing from N967.3 billion in the first half of 2023 to N2.1 trillion in the same period of 2024. This significant growth was driven by substantial gains in both interest and non-interest income.
In its half-year financial results filed with the Nigerian Exchange Limited, Zenith Bank revealed a 108% year-on-year rise in profit before tax, which surged from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax also experienced a substantial increase, growing by 98% from N292 billion to N578 billion during the same period.
The bank’s gross earnings growth was fueled by a sharp acceleration in both interest income and non-interest income. Interest income, in particular, broke the N1 trillion mark, setting a half-year record with a 177% increase from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024. Non-interest income also posted strong growth, rising by 74% from N515.7 billion to N899.3 billion.
Zenith Bank’s total assets grew by 35% within the first six months of 2024, expanding from N20.4 trillion in December 2023 to N27.6 trillion in June 2024. Customer deposits also saw a notable increase, growing by 29% from N15.2 trillion to N19.6 trillion over the same period.
The bank’s gross loans rose by 44%, from N7.1 trillion in December 2023 to N10.2 trillion in June 2024, supported by new loan disbursements and the impact of foreign currency-denominated loans.
Despite a challenging macroeconomic environment, the bank’s non-performing loan ratio edged up slightly from 4.4% in December 2023 to 4.5% in June 2024.
In recognition of its strong performance, Zenith Bank has declared an interim dividend of N1.00 per share, marking the highest half-year dividend payout in the bank’s history.
Additionally, the bank has received regulatory approval to establish a third-country branch in Paris, France, signaling its ongoing expansion and commitment to global operations.
