Zenith Bank Plc has achieved a significant milestone, posting a 117% increase in gross earnings for the first half of 2024. The bank’s earnings soared to N2.1tn, up from N967.3bn in the same period of 2023, driven by substantial growth in both interest and non-interest income.
The bank’s half-year financial results, filed with the Nigerian Exchange Limited, reveal a remarkable 108% year-on-year rise in profit before tax, climbing from N350bn in H1 2023 to N727bn in H1 2024. Similarly, profit after tax surged by 98%, growing from N292bn to N578bn.
The impressive growth in gross earnings was underpinned by a record-breaking increase in interest income, which exceeded the N1tn mark for the first time. Interest income surged by 177% from N415.4bn in the previous year to N1.1tn in H1 2024, while non-interest income also saw a significant boost, rising by 74% from N515.7bn to N899.3bn.
Zenith Bank’s total assets grew by 35% within the first six months, expanding from N20.4tn in December 2023 to N27.6tn in June 2024. Customer deposits also saw a 29% increase, rising from N15.2tn in December 2023 to N19.6tn in June 2024. Additionally, gross loans grew by 44%, reaching N10.2tn in June 2024, supported by both new loan disbursements and the impact of foreign currency-denominated loans.
Despite the challenging macroeconomic environment, the bank’s non-performing loan ratio only slightly increased from 4.4% in December 2023 to 4.5% in June 2024.
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In light of its strong performance, Zenith Bank has declared an interim dividend of N1.00 per share, the highest half-year dividend payout in its history. Additionally, the group has received regulatory approval to establish a third-country branch in Paris, France, marking a significant step in its international expansion.
