By Ayo Kehinde
Zenith Bank Plc has set another record performance with gross earnings rising to a new high of N2.1 trillion within a six-month period in 2024.
According to its audited report and accounts for the half-year ended June 30, 2024 released at the Nigerian Exchange (NGX) at the weekend, the bank’s gross earnings rose by 117 per cent. Profit after tax also grew by 98 per cent from N292bn to N578bn in the same period.
The report showed that interest income surpassed the N1tn mark, a half-year record, growing by 177 per cent from N415.4bn in the previous year to N1.1tn in H1 2024, while non-interest income grew by 74 per cent from N515.7bn to N899.3bn.
During the six- month period, the total assets grew by 35 per cent from N20.4tn in December 2023 to N27.6tn in June 2024, while customer deposits grew by 29 per cent from N15.2tn in December 2023 to N19.6tn in June 2024.
Gross loans also grew by 44 per cent from N7.1tn in December 2023 to N10.2tn in June 2024 aided by loans disbursements to customers and the translation effect of foreign currency-denominated loans.
The group’s non-performing loan ratio grew from 4.4 per cent in December 2023 to 4.5 per cent in June 2024 despite the challenging macroeconomic environment.
The group has since declared an interim dividend of N1.00 per share. This represents the highest half-year dividend pay-out in its history.
