Customers of Zenith Bank Plc entrusted the lender with over N22 trillion in 2024 despite biting inflation, eroded consumer purchasing power and worsening standard of living in the country.
The bank disclosed this in its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators.
The result released through the Nigerian Exchange Limited (NGX) showed that customer deposits surged by 45% from N15 trillion in 2023 to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits.
The Bank also showed that its 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.
According to the bank, the increase in retail deposits was driven by customer acquisition and the Bank’s strategic focus on low-cost funding.
According to the audited financial results for the 2024 financial year, 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 development in the Bank’s loan book.
Commenting on the results, the Group Managing Director/CEO of the bank, Adaora Umeoji , 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.”
Meanwhile, 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 Return on Average Equity (ROAE) declined to 32.5% following the injection of new capital, while the 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 Zenith Bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in the Bank’s operations.
