Zenith Bank Leads in Profitability with a PBT of N727B in H1 2024.

Zenith Bank leads in profitability with a PBT of N727B in H1 2024.

In an era of economic uncertainty and volatility, Zenith Bank Plc has demonstrated its resilience and strength once more, maintaining its profitability leadership with an outstanding performance in the first half of 2024. The bank’s audited results for the half-year ended June 30, 2024 show an impressive triple-digit growth in gross earnings, which drives significant increases in both profit before tax and profit after tax.

The impressive results come against the backdrop of a challenging macroeconomic environment, highlighting Zenith Bank’s ability to navigate difficult conditions and continue to deliver exceptional value to its shareholders. The bank’s commitment to excellence is evident in its consistent track record of strong financial performance and numerous awards and accolades that recognize its leadership position within the Nigerian banking industry.

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One of the most notable highlights from Zenith Bank’s H1 2024 results is the 117% increase in gross earnings from N967.3 billion reported in H1 2023 to N2.1 trillion in H1 2024. This remarkable growth has driven a corresponding increase in profit before tax, which surged by an impressive 108% year-on-year from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax also grew substantially, rising by 98% from N292 billion to N578 billion during the same period.

The growth drivers behind this exceptional performance are multifaceted, with both interest income and non-interest income contributing significantly to the bank’s top-line expansion. Interest income exceeded expectations by surpassing the N1 trillion mark for the first time ever, growing by an astounding 177% from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024. Non-interest income also experienced robust growth, increasing by a commendable rate of 74% from N515.7 billion to N899.3 billion.

Despite operating within a high-interest rate environment that led to increased cost of funds and interest expense for the bank, Zenith Bank demonstrated operational efficiency with only marginal changes observed across key financial metrics such as cost-to-income ratio and net interest margin.

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The Group’s total assets expanded significantly by a remarkable rate of approximately35%, reachingN27.6 trillion as of June 30th, 2019. In line with this positive trend, customer deposits grew impressively by 29%, reaching N19. trillion during the same period. Grossloansalso experienced a substantial increase,growingby44%fromN7.ltrillioninDecember2018toN10.trillioninJune2019.Thesestatistics statistics underscore the bank’s consistent growth trajectory and its ability to effectively manage asset quality and liquidity levels.

In additionto to delivering exceptional financial results, Zenith Bank Plchas also successfully declared the internal division of Nl.OOper share for the period under review. Thisrepresentsahighesthalfyeardividendpay-outinthegroup’shistoryandinthenigerianbankingsectoroverall,furtherdemonstratingitscommitmenttodeliveringvalueandrewardingshareholdersfortheircontinuedsupportofthebrandanditsbusinessstrategy.ZenithBankPlcisunquestionablyonatrackrecordtoreacharecordyearinfinancialperformance.Itwillcontinuefocusingonstrengtheningitsofferingsenhancingdigitalbankingsolutions,andexpandinginternationallytoseize newopportunitiesforgrowthandaspartofitsexpansionplans,ZenithBankhasreceivedregulatoryapprovalforestablishmentofathird-countrybranchinParisFrance.Thisstrategicmove willenableZenithBanktogrowitsinternationalfootprintandexperiencewhileprovidingenhancedproductsandservicestoexistingandpotentialclientsglobally

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Additionally,ZenithBankcontinuesinvestmentsintoenhancingdigitalbankingcapabilitieswiththecompletionofatechnologyinfrastructureupgrade.Furthermore,theGroupremainsontracktocapitalizeonnewbusinessopportunitieswithinstrategicsectors,andgeographieswhereitiscurrentlyoperatingorplanningforexpansion.TheGroupiswellpositionedtomaximizevalueforshareholderswhilemaintainingrobustcorporategovernancepracticesandastrong,effectiveboardoversight.Zenit’s consistent commitment banker excellence, innovation, and superior customer service has earned it recognition through numerous awards, including multiple accolades from prestigious global publications like the Banker magazine and the National Banker. world financeglobal finance among many others kngroupwasnamednumberonebaninnigeriafortythconsecutiveyearinthetop1000worldbanksrankingpublishedbythebanker magazlnelnadditiontowinningnumerousawardsforthecountrybest commercialbannikg ngeria like best commercial ban ngeria global finance world’s best banksannual boardroom is the best corporate governance financial services nigerla ethlcalboardroombestincorporategovernanceafrica zen th b nk alsoreceivedseveralaccola esfbrts sustainabilityefforts efforts, including being named the most sustainable country in Nigeria International at the All Ban Erbnking Award Zen th bankplchasalsbeenrecognizedasthemostvaluablebankbrandinnigeriainmultipleyearswhilereceivingawardsaseretailb nkOftheye rzen ith b nkremaintheupsca ebanklngchoicefortrustsupportcustomersaroundtheworldthisistesti onyftothenkgroup slongstandinglegacyoffinancealexcellenceleadershipintegrityandrresponsibih yasaleadingplayerintheglobalfinancialindustryzedth ankplchasonce ademonstra edltscapacitytoboth navigateadverseeconomicconditionsnddeliverexceptionalfmancialper ormnceaswellassuperiorcustom rservicemakingitanidealcho ceamongbothsavvyretailcustomersandleadingcorporation seeingpartnerstoachieve theirfinancia lobjectivesindivi al ndbusinesThis commitment is to provide a great deal of value. Results are clearly reflected in the recognition theroup has received in national recognition, such as the number one banKin n geriafbrfifteenthconsutiveyearntoptooworldanksrankingpublishedbytbanker magaz neThelatestresults frrm Zeni hB ankPle demonstrates its commitment to excellence through innovation and superior services that connect customers with trustworthy finance products that are transparent. Zent Business Plan

Clearly, Zenitank Plcremainsresolutelyfocusedondeliveringmaximumvaluetoitsshareholdersandacontinuingtoposition itselfasinstitutionscrutinyabovemanyhistoricallstandardsI tsabilitytonavigatechallengingeconomicdynamicswhilemaintainingasolidfootingisa testamen ttroittschampioning sound management practices and solidified institutional culture that prioritizes the values of sustainability, ethical governance, and always placing customer first and foremost. Theseachievementsserveastributeiotheprospectiv e futuregrowthandeffectivenessfuoperationsofsenishtBanPicItswillingnesstopursue relentless pursuit of ensuring that theyaltimesconductoperationswithinthestipulatedregulatoryframe workthereforeimpactvastlyonthetrustthatpeoplehaveowedinitshencnsiderablerecordinkIngteabilitytotranslateanypotentialheadwindsthreatsintoexcitingbusinessventures,promisingreturnsandanoverallpositiveriskrewardoutlookCultivatingexperienceknowledgeexpertiseandinno vativeideasandedicatedstaffstrengthensshortlongtermprospectsofseni shBanhc

AsZenibhBaniPcia is sometimes successfully met with digital transformation, we will keep on extending our efforts, especially when adding vulnerabilities associated with evolving technological environments. We will keep working hard to satisfy your potential customers amidst our efficient product delivery models with improved effectiveness and unwavering focus on customers. -centricityandrisk