Zenith Bank Plc has announced its unaudited results for the third quarter ended September 30, 2024, with an outstanding triple-digit growth of 118% in gross earnings, from N1.33 trillion in Q3 2023 to N2.9 trillion in Q3 2024.
The bank’s profit before tax (PBT) surged by 99% year-on-year to N1.0 trillion, while profit after tax (PAT) grew by 91% to N827 billion. Earnings per share (EPS) nearly doubled to N26.34 from N13.82 in Q3 2023.
The growth in gross earnings was driven by a 190% rise in interest income to N1.95 trillion, attributed to the high-yield environment, and a 41% increase in non-interest income to N856 billion, bolstered by substantial growth in fees and commissions.
The bank’s balance sheet expanded significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. Gross loans increased by 46% to N10.3 trillion.
Zenith Bank’s capital adequacy ratio improved to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3%.
Its asset quality remains strong, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the bank’s disciplined approach to risk management.
Zenith Bank’s successful capital raise program, consisting of a combined Rights Issue and Public Offer, was driven by the Central Bank of Nigeria’s recapitalization directive.
The additional capital will enhance the bank’s ability to expand its product offerings and pursue its African and global expansion plan.
The bank received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance its product offerings in international markets.
With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, prioritize opportunities that enhance stakeholder value, and maintain a strong compliance and corporate governance culture.
“This performance underscores our resilience and market leadership, despite the challenging macroeconomic environment,” said Ebenezer Onyeagwu, Zenith Bank’s Group Managing Director/CEO. “We remain committed to sustainable growth and value creation for our shareholders.”
Zenith Bank’s Q3 2024 results demonstrate its ability to adapt to changing market conditions, drive growth, and maintain its position as a leading financial institution in Nigeria.
