Zenith Bank Plc has reported a 117% increase in gross earnings for the first half of 2024, rising from N967.3 billion in H1 2023 to N2.1 trillion.
This impressive growth is attributed to significant gains in both interest and non-interest income.
According to the bank’s half-year results filed with the Nigerian Exchange Limited, profit before tax soared by 108%, climbing from N350 billion in H1 2023 to N727 billion in H1 2024.
Profit after tax also grew substantially by 98%, increasing from N292 billion to N578 billion over the same period.
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The surge in gross earnings was primarily driven by a notable rise in interest income, which surpassed N1 trillion for the first time in half-year results, marking a 177% increase from N415.4 billion to N1.1 trillion.
Non-interest income also saw a significant rise of 74%, growing from N515.7 billion to N899.3 billion.
In addition, the bank’s total assets increased by 35% from N20.4 trillion in December 2023 to N27.6 trillion in June 2024. Customer deposits grew by 29%, reaching N19.6 trillion from N15.2 trillion in December 2023.
Gross loans rose by 44%, from N7.1 trillion in December 2023 to N10.2 trillion in June 2024, driven by both new loan disbursements and the effects of foreign currency-denominated loans.
Despite a challenging macroeconomic environment, the group’s non-performing loan ratio increased slightly from 4.4% in December 2023 to 4.5% in June 2024.
Zenith Bank has declared an interim dividend of N1.00 per share, marking the highest half-year dividend payout in its history.
Additionally, the bank has received regulatory approval to establish a third-country branch in Paris, France.
