Zenith Bank Plc has announced a significant rise in its financial performance for the first half of 2024, reporting a gross earnings surge to N2.1 trillion. This marks a 117% increase from the N967.3 billion recorded in the same period of 2023, driven by strong growth in both interest and non-interest income.
The bank’s financial report, filed with the Nigerian Exchange Limited, highlighted that profit before tax more than doubled, rising by 108% year-on-year from N350 billion in H1 2023 to N727 billion in H1 2024. Similarly, profit after tax saw a remarkable 98% growth, climbing from N292 billion to N578 billion during the same period.
A significant contributor to this growth was the unprecedented increase in interest income, which exceeded the N1 trillion mark for the first time in a half-year period. Interest income jumped by 177%, from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024. Non-interest income also experienced robust growth, rising by 74% from N515.7 billion to N899.3 billion.
In addition to the income growth, Zenith Bank’s total assets expanded by 35%, reaching N27.6 trillion by the end of June 2024, up from N20.4 trillion in December 2023. Customer deposits also saw a significant increase, growing by 29% from N15.2 trillion in December 2023 to N19.6 trillion in June 2024.
The bank’s gross loans portfolio grew by 44%, from N7.1 trillion in December 2023 to N10.2 trillion in June 2024. This growth was supported by increased loan disbursements and the impact of foreign currency-denominated loans.
Despite the challenging economic environment, Zenith Bank’s non-performing loan ratio saw a marginal increase, rising from 4.4% in December 2023 to 4.5% in June 2024.
In recognition of its strong performance, the bank has declared an interim dividend of N1.00 per share, marking its highest half-year dividend payout to date.
Looking ahead, Zenith Bank continues its expansion plans, having recently secured regulatory approval to establish a third-country branch in Paris, France.
