Zenith Bank Maintains Track Record as PBT Hits N1.3 Trillion, Proposes N4.00 Final Dividend

Hot Source
Hot News
March 27, 2025
0 Comments

Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators. The Bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry.

According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.

Commenting on the results, Dame Dr Adaora Umeoji OON, Group Managing Director/CEO, stated “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.

Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management. Net interest income increased by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the Bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds. Non-interest income also grew by 20% from N919 billion to N1.1 trillion.

The Bank’s total assets grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a strong liquidity position and effective balance sheet management. Customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits. The increase in retail deposits was driven by customer acquisition and the Bank’s strategic focus on low-cost funding.

Return on Average Equity (ROAE) declined to 32.5% on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1%. The Bank’s cost-to-income increased slightly from 36.1% to 38.9%, despite inflationary pressures. Its Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring the Bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in the Bank’s operations.

Given the good earnings performance, the Bank has proposed a final dividend of N4.00 per share, which brings the total dividend for the year to N5.00 per ordinary share.

In a significant milestone, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from this capital raise will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets, unlocking new growth opportunities.

The bank remains focused on delivering sustainable growth, enhancing shareholder value, and driving financial inclusion through innovative banking solutions. With its solid capital base and innovative product offerings, the Bank is well-positioned to navigate evolving market conditions while continuing to strengthen its leadership in the Nigerian financial landscape.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.

Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.

Hot Source

Hot Source
Hot News
March 30, 2025
3 views

In a Telephone Call, Buhari Rejoices With Tinubu at 73, Appreciates Role in Making Him President

*Babangida, Akpabio, Abbas, govs, CDS, Keyamo, others eulogise Tinubu

Deji Elumoye, Linus Aleke, Folalumi Alaran in Abuja, Chinedu Eze in Lagos, and Ibrahim Oyewale in Lokoja

Former President Muhammadu Buhari yesterday rejoiced with President Bola Tinubu on his 73rd birthday, and used the occasion to appreciate the president for his role in making him two-time president of Nigeria.

Others who rejoiced with President Tinubu include former military president, General Ibrahim Badamasi Babangida (rtd); the President of Senate, Senator Godswill Akpabio; the Speaker of the House of Representatives, Tajudeen Abbas; his deputy, Benjamin Kalu; Lagos State Governor, Babajide Sanwo-Olu; Ondo State Governor, Mr. Lucky Aiyedatiwa; Kogi State Governor, Ahmed Usman Ododo; Governor Hope Uzodimma of Imo State and the Minister for Aviation and Aerospace Development, Festus Keyamo, who described his vision and dedication to Nigeria as inspiring.

Meanwhile, the Nigerian military, through the Chief of Defence Staff (CDS), General Christorpher Musa, has also felicitated Tinubu on his 73rd birthday anniversary celebration.
According to a statement issued yesterday by Buhari’s spokesperson, Mallam Garba Shehu, the former president, in a telephone call to Tinubu on Friday, underscored the bond between him and Tinubu.
Buhari said he and the members of his family are in prayers for Tinubu for long life, good health and the successful administration of the country.

The former president said his family and himself remain indebted to President Tinubu and the other leaders of the All Progressives Congress (APC) for the invaluable contributions they made towards the formation of the party and catapulting him to the presidency for two terms after failed attempts in the past, and in helping to produce another APC administration with Tinubu himself at its head.

“No doubt, the annals of the country will not be complete without bringing into mention, and a recognition of the varied and numerous roles of President Tinubu as an entrepreneur, a party stalwart, a staunch activist, party organiser, party builder, a reliable ally and a serial winner of democratic elections. I am truly proud of my association with the Asiwaju,” Buhari explained.

Buhari also used the opportunity to wish the president, his family, and the nation a successful completion of the Ramadan fast and a happy and joyful Sallah (Eid).
In his statement, entitled: “Asiwaju of the Universe, Happy Birthday,” Babangida stated that he also joined millions of Tinubu’s admirers, associates, supporters and fellow Nigerians to celebrate him with a pat on the back.

Babangida wrote: “There comes a time in the life of a nation when uncommon personality and courageous disposition form the basis for appreciating the essentials of problem-solving leadership.
“With your rich background in the struggle for the emancipation of the ordinary Nigerian, coupled with your commitment to deepening democratic values in Nigeria, your history speaks for your persona,” the former military president said.

Babangida added: “You have come to lead Nigeria at a very trying time in our nation’s history, but your leadership intervention thus far, has been very remarkable, bold, resilient and encouraging.
“Only those who have been there know exactly the grit required to lead Nigeria and Nigerians.
“Mr. President, let me assure you of my support and solidarity always.
“Even though the challenges facing us as a nation may be daunting, you have shown equal commitment to contend with the realities that stare us in the face.

“I can easily recollect when our paths crossed in the late eighties when the government I ran was trying to birth democracy.
“You have remained consistent to your ideals, principles, and democratic values to date, which is why Nigerians entrusted you with the mandate to lead them at this auspicious moment. A result-driven and utility leader like you fits the present challenges, especially with the kind of innovations and policy thrust of your administration, so far.

“You must not be tired or discouraged in providing the desired leadership to move the country forward.
“You have shown grit, gusto and gravitas in your leadership emanations, and the courage you have exemplified speaks to your capacity to take uncommon decisions.
“Mr. President and the Asiwaju of the Universe, as I fondly call you, congratulations on your 73rd birthday celebrations,” Babangida said.

On his part, Akpabio described the president’s passion for Nigeria’s progress as contagious.
“As Senate President, I have had the privilege of working closely with you, and I must say that your passion for Nigeria’s progress is contagious,” he said.
The Senate President said that as the president of Nigeria in the last two years, Tinubu had demonstrated astute leadership, as he advocated for democratic values and bold economic reforms that had started to yield dividends.

On his part, House Speaker, Abbas, in a congratulatory message issued by his Special Adviser on Media and Publicity, Musa Krishi, said Nigeria is lucky to have a democrat and patriot in the person of President Tinubu as its leader at this critical point in the country’s democratic journey.

The speaker commended the first citizen for taking some bold initiatives aimed at turning around the fortune of the Nigerian state, such as the removal of subsidy from petrol, among other reforms.
The Deputy Speaker, Kalu, has also congratulated Tinubu for his courage in taking some painful but necessary steps to stabilise the economy.

In a congratulatory message issued by his Chief Press Secretary, Mr Levinus Nwabughiogu, Kalu lauded Tinubu’s efforts to develop the geo-political zones in Nigeria through the creation of regional development commissions.
Ondo State Governor, Aiyedatiwa, in a congratulatory message issued by his Chief Press Secretary, Mr Ebenezer Adeniyan, said under the Renewed Hope administration of Tinubu, his state has witnessed unprecedented federal presence and support, including infrastructural projects and appointments.
Governor Uzodimma, on his part, said Tinubu’s leadership has opened the door to Nigeria’s new era of growth and sustainable progress across all sectors.

In a statement issued by his Chief Press Secretary/Special Adviser (Media), Oguwike Nwachuku, the Imo State governor prayed for the wellbeing of the President, asking for divine blessings of long life, good health, and wisdom so that Tinubu will continue to steer Nigeria towards greatness.
Meanwhile, the Nigerian military has also felicitated Tinubu, on his 73rd birthday and prayed to God to continue preserving him and his family to steer the country towards a brighter future.

The Lagos State Government, led by Governor Sanwo-Olu, celebrated the president with thanksgiving services and prayers held simultaneously at the Chapel of Christ the Light, Alausa, and Lagos Secretariat Community Central Mosque, Alausa, as well as other religious centres in the five divisions of the state.

A statement personally signed by the CDS, General Musa, on behalf of the Service Chiefs and the entire Armed Forces of Nigeria (AFN), stated that the military remains loyal and committed to the president’s ideals and aspirations for a safer nation where citizens and their businesses can thrive.

The CDS noted that the successes achieved so far in the fight against insurgency, terrorism, economic sabotage, and other criminalities could not have been achieved without President Tinubu’s immense guidance and purposeful leadership.
“As you celebrate, we are confident that the Almighty God will guide, protect, and provide you with sound health and additional wisdom to steer the ship. We seize this opportunity to continue pledging our unending resolve to submit to our constitutional responsibilities and ensure a safer, more peaceful nation,” Musa added.

In his message, the Minister of Aviation and Aerospace Development, Keyamo, described Tinubu as the “Aare Ona Kankafo” of all political and democratic struggles in the land.
“It will take decades before Nigerians truly and fully understand and appreciate the value President Tinubu has brought into our democratic space in all ramifications and the audacity with which he has taken on some of our key systemic challenges as a nation, root and branch,” the minister added.

Also in his birthday message, the Minister of Solid Minerals Development, Dr. Dele Alake, described President Tinubu as a transformative leader whose vision and courage will leave an indelible mark on history.
In a statement signed by Alake’s Special Assistant on Media, Segun Tomori, the minister stated that Tinubu’s life journey is truly a testament to God’s faithfulness and grace.

The Leader of the Senate, Senator Opeyemi Bamidele, in a statement by his Directorate of Media and Public Affairs, described Tinubu as a courageous reformer and fearless patriot.

*Babangida, Akpabio, Abbas, govs, CDS, Keyamo, others eulogise Tinubu Deji Elumoye, Linus Aleke, Folalumi Alaran in Abuja, Chinedu Eze in Lagos, and Ibrahim Oyewale in Lokoja Former President Muhammadu Buhari

Hot Source
Hot News
March 30, 2025
3 views

Amaechi: Tinubu Trying to Scare Govs Who May Not Support Him in 2027

*Says feud between Fubara, Wike about money sharing

*Suspended governor, ex-HoS, wife clash over state assembly bombing

Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt

A former Minister of Transportation, Mr. Rotimi Amaechi, has alleged that President Bola Tinubu’s declaration of emergency rule in Rivers State was a ploy to intimidate governors to support his re-election bid in 2027.
Amaechi, who is a former governor of the state also stated that the disagreement between the suspended Governor Siminalayi Fubara, and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, was about money sharing.
This is just as the drama in the politics of the state has continued despite the declaration of a state of emergency in the state as Fubara; the former Head of Service (HoS) in the state, Dr George Nwaeke; and his wife, Florence Nwaeke clashed over the former HoS’ allegation that the suspended governor masterminded the bombing of the Rivers House of Assembly complex in 2023.
Speaking yesterday in an interview with DW Africa, Amaechi insisted that the emergency rule imposed on the state by President Tinubu was unconstitutional.
Amaechi argued that the president’s move has instilled fear in governors, “that if you are not careful, the president will remove you”.
He added that Fubara has “no security responsibility” over the Rivers State crisis and that the suspended governor was being punished for an offence he “did not commit”.
“It is between the president and the FCT minister. The president wants a power grab. They want to frighten governors who may not support them in 2027. So, there is a rumour everywhere that if you are not careful, the president will remove you,” the former Rivers governor said.
“If the president said it is because of insecurity because they blew the pipeline, what about parts of the country where there is insecurity? Is the president saying they should impose an emergency rule on him too? They can’t because he is a democratically elected president. Nobody can impose an emergency rule on him because there is serious insecurity in the North-east, North-west — even in South-east and South-west.
“Rivers State governor has no security responsibility; it rests squarely on the president. So why punish a man who did not commit an offence?” Amaechi queried.
He called on the residents of the state to “resist the president”, adding that the resistance should be done “by democratically protesting against the president”.
On the feud between Fubara and Wike, the former governor said it is all about money sharing.
He said: “The fight between the current governor of Rivers State and the FCT minister is about sharing money. If not, what is the quarrel? Nigerians don’t dislike corruption anymore. I’ve not seen anybody on the street querying what the problem is. Can both of them speak to the public and tell us what the problem is?
“We are now denied democracy. Rivers State is the only state in the country currently not enjoying democracy. They have imposed military rule on us.
“Secondly, the president acted outside the Constitution. Section 188 states how a governor can leave office, either by death, resignation, or impeachment. It didn’t say that one day you wake up and a man called the president of Nigeria will throw you out of office, which makes democracy unstable.”
The former minister stressed that the president had a hand in Rivers’ situation because he wanted to wield power by ousting governors who may not support him in the 2027 general election.

Suspended Governor, Ex-HoS, Wife Clash over State Assembly Bombing

Meanwhile, the former HoS, Dr Nwaeke, on Friday accused the suspended governor of masterminding the destruction of the state assembly complex and the bombing of the Trans Niger Pipeline in Bodo, Gokana Local Government Area and subsequent attack on the oil pipeline in Ogba/Egbema/Ndoni LGA, all in the state.
But a few hours after the former HoS’ interview went viral, his wife, Florence raised the alarm over the safety of her husband, whom she said was invited to Abuja by a friend.
In a viral video, Mrs Nwaeke alleged that some powerful politicians asked her husband to implicate Fubara, in a N15 billion fraud.
She insinuated that her husband made the statements credited to him under duress.
She said her husband had earlier informed her that he resigned because some people brought documents to him where he was asked to implicate the suspended governor in a financial fraud.
However, Mrs Nwaeke was said to be under duress to retract her initial statement on how her husband was allegedly invited to Abuja and forced to accuse the suspended governor of the N15 billion scam.
But in a new twist, Nwaeke has denied the claims by his wife that he was kidnapped.
Nwaeke stated that contrary to her assertion, he is safe in Abuja where he had gone to voluntarily report himself to security agencies over developments in Rivers State.
In a video released in the early hours of yesterday, the former HoS, who claimed to be TRANSCORP in Abuja, dismissed his wife’s claim as false, stressing that she had been misled and given a script to read.
In a swift reaction to the HoS’ allegations, Fubara, through his Chief of Staff, said the former HoS was compromised, stressing that his allegation was aimed at fulfilling Nwaeke’s promise to those who may have paid or coerced him to lie against the governor.
Fubara, also in a statement he personally signed, countered Nwaeke’s allegations.
Fubara said: “First, on the claim that he was aware of my discussions and plans to support Bala Mohammed’s alleged 2027 presidential bid, it is laughable that Dr. Nwaeke would be part of any high-level political meeting as Head of Service, much more sitting in my alleged night meetings with Bala Mohammed and militants as he claimed. However, none of such meetings were ever held.
“The truth is that the whole world knew when the Bauchi State Governor, as Chairman of Peoples Democratic Party Governors Forum, visited the state, and there was nothing secret about the visits”.
Fubara stated: “It is also ludicrous for Dr. Nwaeke to claim that he was aware of my meetings to encourage attacks on oil pipelines and other national assets in the state, as there was no time, I held any meeting with militants or any criminal group to destabilise the state. It is on record that I have been at the forefront preaching peace in the state even in the face of obvious provocations”.
He explained: “The truth is that Dr. Nwaeke has been compromised, and whatever he is saying is only aimed at fulfilling his promise to those who may have paid or coerced him to lie against me”.

Meanwhile, the federal commissioner representing the South-South geopolitical zone in the National Population Commission (NPC), Professor Itotenaan Henry Ogiri, who was accused by Mrs Nwaeke of inviting her husband to Abuja, has denied the allegations.
In a statement, Ogiri said: “Of note is the fact that the woman in the viral video was accusing me of putting a call from Abuja across to her husband and had asked that the husband come over to Abuja so we can discuss some certain matters. She even alleged that I offered to pay for her husband’s flight ticket. (Who is supposed to pay for whose ticket?).
He said: “While Dr George Nwaeke is my friend and a professional colleague, we have only spoken once since I left the Rivers State cabinet in November 2023. I think that should be late last year or early this year.”
He stated that he has not spoken with Dr Nwaeke since the Supreme Court judgment on the state.

*Says feud between Fubara, Wike about money sharing *Suspended governor, ex-HoS, wife clash over state assembly bombing Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt A former Minister

Hot SOURCE News

Or check our Popular Categories...

Hot SOURCE News

Or check our Popular Categories...

Zenith Bank Maintains Track Record as PBT Hits N1.3 Trillion, Proposes N4.00 Final Dividend

Hot Source

Related Posts

In a Telephone Call, Buhari Rejoices With Tinubu at 73, Appreciates Role in Making Him President

Amaechi: Tinubu Trying to Scare Govs Who May Not Support Him in 2027

Leave a Reply Cancel reply

Business & Economy

Top 10 supermarket chains in Nigeria by store count dominating the retail sector

Police charge alleged perpetrator in Bumpa co-founder’s death with reckless driving

Bitcoin plummets to $81,629 amid wider market turbulence

FG launches N2.5 billion credit scheme for CNG conversion, kits manufacturing

USAID withdrawal will disrupt essential services in northeast Nigeria – Stakeholders warn

Telecom operators set up Working Group to protect infrastructure across Nigeria

Fidelity Bank’s pre-tax profit hits a record N385 billion in 2024, up 210%

BUA Foods hits N1.5 trillion in revenue, profits soar 162% as it overtakes multinational competitors

UAC of Nigeria’s profit before tax increases by 107%

Plateau Govt awards N30 billion Langtang Dam rehabilitation contract to tackle water scarcity

UAC Nigeria reports record N25 billion profits as business restructuring pays off

Experts Re-Ignite Conversations on Acceptable Corporate Governance Culture in Nigeria

Nigeria, Turkey collaborate to secure return of smuggled baby gorilla

Dangote, Otedola among Forbes 2024 Africa’s richest people

Unilever Nigeria reports N149.5 billion full-year revenue as profits rise 3% in 2024, declares final dividend

Breaking: Dangote leads Forbes Africa’s richest list (2025) with $23 billion, Otedola, Adenuga, Abdulsamad only Nigerians on the list

Alleged Fraud: Courts jail additional 17 convicted internet fraudsters in Benin

Billionaire Arnault’s son steps down as CEO as LVMH names successor

US withdrawal: WHO to cut its budget by over 20% amid funding crisis

DealMakers AFRICA Annual Awards results 2024 (West Africa)

UBA generates N284.7 billion from e-business transactions in 2024

Ekiti govt begins recruitment in health sector, opens portal for two weeks

Full Year 2024 Audited Report: Unilever Nigeria Grows Profit by 79% in 2024, delivers 44% Revenue Growth

FG to enhance surveillance at Nigeria’s ports and borders to prevent illegal wildlife trafficking

Zuckerberg, Bezos, 3 other tech billionaires lose $34.4 billion in market selloff

UK parliament calls for evidence on skilled worker visa system amid immigration reduction plans

Expert warns Tinubu against repeating Buhari’s mistake of border closure in Nigeria

Indomie launches AI-Powered platform to celebrate Mothers and strengthen Mother and Child emotional connection

Elon Musk sells X to his AI firm

Nigerian hospitals must be run like businesses to survive – Njide Ndili

Zenith Bank generates N80 billion from e-business in 2024

Tinubu signs Investments, Securities Act 2025 into law

EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

Sokoto Govt steps up surveillance as heavy metal poisoning cases rise

Billionaire investor, Tony Elumelu to get N12.71 billion in UBA dividend for 2024

Digital Asset Management for Registrars: Embracing the Future of Investor Services

UK parliament calls for evidence on skilled worker visa system amid immigration reduction plans 