Zenith Bank Plc has released its audited financial results for the first half of 2024, reporting a significant growth in gross earnings and profitability. The bank's gross earnings surged by 117%, reaching N2.1 trillion compared to N967.3 billion in the same period last year.
The audited results, presented to the Nigerian Exchange on August 30, 2024, showed that profit before tax increased by 108% from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax rose by 98%, from N292 billion to N578 billion, leading to an increase in earnings per share from N9.29 to N18.41.
Interest income grew by 177% from N415.4 billion to over N1 trillion, while non-interest income increased by 74% to reach N899.3 billion. Despite challenges such as a high-interest rate environment and elevated risk costs, Zenith Bank maintained operational efficiency with a cost-to-income ratio increasing slightly from 38.5% to 39.4%.
Total assets expanded by 35%, reaching N27.6 trillion as of June 2024, while customer deposits grew by 29% to stand at N19.6 trillion. Gross loans also saw a substantial rise of 44%. Despite these expansions, the non-performing loan ratio remained relatively stable at around 4.5%.
Zenith Bank declared an interim dividend of N1 per share, marking the highest interim dividend payout within Nigeria's banking sector so far.
Looking ahead, Zenith Bank is focused on expanding its international presence with regulatory approval for a new branch in Paris and enhancing its digital banking capabilities through technology upgrades.
The bank continues to receive accolades for its performance and governance standards across various awards platforms globally.
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