Zenith Bank Plc Poised to Cross N1tn Mark in Profit by 2024
Zenith Bank Plc, Nigeria’s leading financial institution, is on track to achieve a remarkable milestone in its financial performance. At its recent Capital Markets Day event, the bank showcased its impressive growth trajectory and strategic objectives, revealing that it is poised to cross the N1 trillion mark in profit before tax in 2024.
With a tier-1 capital of N1.8 trillion, shareholders’ funds of N2.3 trillion, and a profit before tax of N796 billion in 2023, Zenith Bank has demonstrated its strong financial position. The Group Managing Director/CEO, Dr. Adaora Umeoji, expressed confidence in the bank’s ability to deliver superior value to investors and stakeholders, citing its robust risk management culture and adherence to regulations.
Looking ahead to 2024, Dr. Umeoji highlighted the bank’s plans to drive financial inclusion, expand corporate and retail banking through technology, and establish a fintech subsidiary, ZenPay. Additionally, Zenith Bank aims to expand its presence to France and other Francophone African countries, further solidifying its position as a leading financial institution.
The bank’s Chief Financial Officer/General Manager, Dr. Mukhtar Adam, emphasized Zenith Bank’s impressive growth in revenue and profit over the past five years, despite challenging economic conditions. The bank’s commitment to delivering stable returns and innovative products has earned it prestigious awards, including Best Commercial Bank, Nigeria, and Best Corporate Governance, Nigeria, in the World Finance Banking Awards 2024.
In its audited results for 2023, Zenith Bank reported triple-digit growth in gross earnings, profit before tax, and profit after tax. The bank’s strong performance was driven by growth in interest and non-interest income, as well as effective cost management strategies.
Established in 1990 by Jim Ovia, CFR, Zenith Bank has become a customer-centric institution known for its excellence in performance and innovative banking solutions. The bank’s focus on digital banking and cutting-edge technology has set it apart in the industry, earning it numerous accolades and recognitions.
As Zenith Bank continues its journey towards financial success and expansion, it remains committed to delivering value to its customers, shareholders, and stakeholders. With a solid foundation and a clear vision for the future, the bank is well-positioned to achieve its goal of crossing the N1 trillion mark in profit before tax in 2024.