Zenith Bank Plc has reported a substantial 117% increase in gross earnings, rising from N967.3 billion in H1 2023 to N2.1 trillion in H1 2024.
This growth is attributed to significant gains in both interest and non-interest income.
In its half-year financial results filed with the Nigerian Exchange Limited, Zenith Bank recorded a 108% year-on-year increase in profit before tax, climbing from N350 billion in H1 2023 to N727 billion in H1 2024.
Profit after tax surged by 98%, from N292 billion to N578 billion over the same period.
Interest income reached a record N1.1 trillion, a 177% increase from N415.4 billion in the previous year. Non-interest income also saw a 74% rise, growing from N515.7 billion to N899.3 billion.
The bank’s total assets grew by 35%, from N20.4 trillion in December 2023 to N27.6 trillion by June 2024, while customer deposits increased by 29%, from N15.2 trillion to N19.6 trillion.
Gross loans expanded by 44%, from N7.1 trillion to N10.2 trillion, bolstered by new loan disbursements and the impact of foreign currency loans.
Despite these strong results, the bank’s non-performing loan ratio increased slightly from 4.4% in December 2023 to 4.5% in June 2024, reflecting ongoing macroeconomic challenges.
Zenith Bank in a notable move has declared an interim dividend of N1.00 per share, marking its highest half-year dividend payout in history.
