business
Zenith Bank’s FY’24 performance a solidification of industry dominance – Expert
By Emeka Ejere
A chattered accountant, Chief Blakey Ijezie, has described the impressive performance of Zenith Bank Plc as a testament to the vision, strategy, and institutional discipline that were ingrained from its formative years.
Ijezie, who was reacting to the tier-1 lender’s audited financial results for the full year ended December 31, 2024, released last week, noted that the Bank’s N1.3 trillion profit before tax (PBT) was a remarkable achievement, reinforcing its position as the industry leader.
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According to the newly issued audited earnings report of the big lender, Zenith Bank posted a net profit growth of 52.6 per cent, taking its bottom line to a record N1 trillion.
The scorecard of the financial institution came out strong amid sharp hikes in Nigeria’s monetary policy rate last year, which beefed up the benchmark borrowing rate by as much as 8.75 per cent, allowing banks to charge much more for loans.
Its interest income accelerated more than twofold to N2.7 trillion, accounting for 68.5 per cent of its revenue for the year. Gross earnings climbed to N4 trillion from N2.1 trillion, just as net interest income, a measure of the difference between the interest earned by a bank and what it pays to savers, advanced by 134.8 per cent.
Strengthening profit, trading gains jumped 94 per cent to N1.1 trillion, while fees & other commission rose to N206.9 billion from N109.3 billion the previous year.
Ijezie, who was the pioneer manager of the Bank’s first upcountry branch in Onitsha in 1992, said seeing the institution thrive at this level, three decades later, was particularly rewarding.
He said, as pioneer manager of Zenith Bank’s first upcountry branch, he played a foundational role in the bank’s early expansion, setting the stage for its transformation into one of Africa’s most formidable financial institutions.
“Zenith Bank’s performance remains impressive, solidifying its dominance in the Nigerian banking sector. A N1.3 trillion profit before tax is a remarkable achievement, reinforcing its position as the industry leader”, the ex-bank chief told Business Times in a chat.
“My legacy as the pioneer manager of the first upcountry branch in Onitsha back in 1992 speaks volumes about my role in shaping the Bank’s early expansion. Three decades later, seeing the institution thrive at this level is particularly rewarding.
“As pioneer manager of Zenith Bank’s first upcountry branch in 1992, I played a foundational role in the bank’s early expansion, setting the stage for its transformation into one of Africa’s most formidable financial institutions.
”Over three decades later, Zenith Bank continues to exemplify excellence, innovation, and resilience—principles that were embedded in its DNA from inception.
”My pioneering engagement, exactly 33 years ago, was not merely about opening a branch; it was about laying the groundwork for a banking revolution—one that would redefine Nigeria’s financial landscape.”
In a significant milestone, the bank announced months ago that it raised N162.1 billion through public offering and N188.4 billion by way of rights issue as it looks to shore up its shareholder fund.
By this feat, the lender is on track to scale its core capital to at least N500 billion before March 2026 as required by the Central Bank of Nigeria (CBN), of lenders holding international licenses.
Given the impressive numbers, the Bank has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per ordinary share.
