Zenith Financial institution Plc has introduced its audited monetary outcomes for the yr ended December 31, 2024, delivering important progress throughout key efficiency indicators. The Financial institution’s spectacular efficiency displays efficient administration and pricing of its danger property, in addition to an optimized treasury portfolio, reinforcing its place as a pacesetter in Nigeria’s banking business.
In line with the audited monetary outcomes for the 2024 monetary yr offered to the Nigerian Alternate (NGX), the Financial institution recorded a double-digit year-on-year (YoY) progress of 86% in gross earnings, growing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This progress was pushed by a 138% enhance in curiosity revenue, supported by funding in high-yield authorities securities, and progress within the Financial institution’s mortgage ebook.
Commenting on the outcomes, Dame Dr Adaora Umeoji OON, Group Managing Director/CEO, said “This yr’s efficiency underscores our unwavering dedication to innovation and customer-centric options. We may also stay targeted on deepening monetary inclusion, enhancing service supply, and creating worth for our clients and stakeholders.
Zenith Financial institution’s revenue earlier than tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, pushed by a mix of top-line enlargement and environment friendly treasury portfolio administration. Web curiosity revenue elevated by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the Financial institution’s sturdy core banking efficiency and talent to develop earnings regardless of macroeconomic headwinds. Non-interest revenue additionally grew by 20% from N919 billion to N1.1 trillion.
The Financial institution’s whole property grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a robust liquidity place and efficient steadiness sheet administration. Buyer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a traditionally sturdy company deposits portfolio and a sustained enhance in retail deposits. The rise in retail deposits was pushed by buyer acquisition and the Financial institution’s strategic deal with low-cost funding.
Return on Common Fairness (ROAE) declined to 32.5% on the again of the injection of latest capital, whereas Return on Common Belongings (ROAA) remained unchanged at 4.1%. The Financial institution’s cost-to-income elevated barely from 36.1% to 38.9%, regardless of inflationary pressures. Its Non-Performing Mortgage (NPL) ratio stood at 4.7%, with a protection ratio of 223%, underscoring the Financial institution’s prudent danger administration and dedication to sustaining a resilient mortgage ebook, guaranteeing stability and confidence within the Financial institution’s operations.
Given the great earnings efficiency, the Financial institution has proposed a ultimate dividend of N4.00 per share, which brings the full dividend for the yr to N5.00 per bizarre share.
In a major milestone, Zenith Financial institution efficiently raised N350 billion in capital via a rights concern and public provide, with a subscription fee of 160%, demonstrating sturdy investor confidence within the Financial institution’s progress trajectory. The proceeds from this capital increase will likely be strategically deployed to reinforce expertise infrastructure, strengthen liquidity, and help the Financial institution’s enlargement into key African markets, unlocking new progress alternatives.
The financial institution stays targeted on delivering sustainable progress, enhancing shareholder worth, and driving monetary inclusion via revolutionary banking options. With its strong capital base and revolutionary product choices, the Financial institution is well-positioned to navigate evolving market situations whereas persevering with to strengthen its management within the Nigerian monetary panorama.
Zenith Financial institution’s monitor file of wonderful efficiency has continued to earn the model quite a few awards together with being recognised because the Quantity One Financial institution in Nigeria by Tier-1 Capital for the fifteenth consecutive yr within the 2024 High 1000 World Banks Rating, printed by The Banker Journal. The Financial institution was additionally awarded the Financial institution of the Yr (Nigeria) in The Banker’s Financial institution of the Yr Awards for 2020, 2022 and 2024; and Finest Financial institution in Nigeria for 4 occasions in 5 years, from 2020 to 2022 and in 2024, within the International Finance World’s Finest Banks Awards.
Additional recognitions embody Finest Industrial Financial institution, Nigeria for 4 consecutive years from 2021 to 2024 within the World Finance Banking Awards and Most Sustainable Financial institution, Nigeria within the Worldwide Banker 2023 and 2024 Banking Awards. Moreover, Zenith Financial institution has been acknowledged because the Finest Company Governance Financial institution, Nigeria, within the World Finance Company Governance Awards for 2022, 2023 and 2024 and ‘Finest in Company Governance’ Monetary Providers’ Africa for 4 consecutive years from 2020 to 2023 by the Moral Boardroom.
The Financial institution’s dedication to excellence noticed it being named the Most Helpful Banking Model in Nigeria within the Banker Journal High 500 Banking Manufacturers for 2020 and 2021, Financial institution of the Yr 2023 and 2024 on the BusinessDay Banks and Different Monetary Establishments (BAFI) Awards, and Retail Financial institution of the Yr for 3 consecutive years from 2020 to 2022 and in 2024 on the BAFI Awards. The Financial institution additionally obtained the accolades of Finest Industrial Financial institution, Nigeria and Finest Innovation in Retail Banking, Nigeria, within the Worldwide Banker 2022 Banking Awards. Zenith Financial institution was additionally named Most Accountable Organisation in Africa, Finest Firm in Transparency and Reporting and Finest Firm in Gender Equality and Ladies Empowerment on the SERAS CSR Awards Africa 2024; Financial institution of the Yr 2024 by ThisDay Newspaper; Financial institution of the Yr 2024 by New Telegraph Newspaper; and Finest in MSME Commerce Finance, 2023 by Nairametrics.
