Zenith Bank Plc, Nigeria’s foremost financial institution, showcased its strong financial standing and future prospects during its recent Capital Markets Day in Lagos. The event, attended by key market stakeholders, focused on the bank’s growth trajectory, strategic goals, market performance, and consistent dividend payouts.
Addressing attendees, Dame Dr. Adaora Umeoji, Group Managing Director/CEO, underscored Zenith Bank’s impressive financial metrics. As of the event, the bank boasts a tier-1 capital of N1.8 trillion, shareholders’ funds of N2.3 trillion, and a market capitalisation of N1.3 trillion. For the year ended December 2023, Zenith Bank reported a profit before tax of N796 billion and declared a dividend of N4 per share. Dr. Umeoji expressed confidence in the bank’s trajectory, citing a first-quarter 2024 profit before tax of N320 billion, indicating a potential to exceed N1 trillion in profit before tax for 2024.
Dr. Umeoji outlined Zenith Bank’s strategic initiatives, including enhancing financial inclusion, expanding digital platforms, and establishing a fintech subsidiary, ZenPay. Additionally, the bank plans to expand into French-speaking African countries and France.
Dr. Mukhtar Adam, Chief Financial Officer/General Manager, highlighted Zenith Bank’s robust revenue growth, with a Compound Annual Growth Rate (CAGR) exceeding 27% over the past five years. Despite economic challenges, the bank sustained a cumulative 28% growth in profit before tax during the same period.
Zenith Bank’s stellar performance has been recognized globally, recently winning the Best Commercial Bank, Nigeria, and Best Corporate Governance, Nigeria, awards for the fourth and third consecutive years, respectively, in the World Finance Banking Awards 2024.
The bank’s audited results for 2023 revealed a remarkable 125% growth in gross earnings to N2.132 trillion, contributing to a 180% increase in profit before tax to N796 billion. Non-interest income grew by 141%, driven by trading gains and revaluation of foreign currencies, while the cost-to-income ratio improved to 36.1%.
Established in 1990 and listed on the Nigerian Stock Exchange in 2004, Zenith Bank has become synonymous with excellence in banking, driven by innovation, customer-centricity, and adherence to global standards. With over 400 branches across Nigeria and a reputation for pioneering digital banking solutions, Zenith Bank continues to set benchmarks in the financial industry.
Dr. Umeoji credited the bank’s success to founder Dr. Jim Ovia’s visionary leadership, the dedication of Zenith Bank staff, and the loyalty of its customers and shareholders. She reaffirmed the bank’s commitment to delivering superior value and driving excellence across all operations.
Zenith Bank remains poised to navigate future challenges, capitalize on emerging opportunities, and reinforce its position as a leader in Africa’s financial landscape.