Zenith Bank posts N2.1tn half-year gross earnings

Zenith Bank Plc has recorded a 117 per cent increase in its gross earnings from N967.3bn reported in H1 2023 to N2.1tn in H1 2024 on the back of appreciation in both interest income and non-interest income.

In its half-year results filed with the Nigerian Exchange Limited, the banking group stated that it recorded a 108 per cent year-on-year increase in profit before tax, from N350bn in H1 2023 to N727bn in H1 2024.

Profit after tax also grew by 98 per cent from N292bn to N578bn in the same period.

The growth in gross earnings was driven by an acceleration in both interest income and non-interest income.

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.

Within the first six months, 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.

Meanwhile, the Group has received regulatory approval for the establishment of a third-country branch in Paris, France.

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