Zenith Bank Plc has announced its financial results for the 2024 fiscal year, posting a record profit after tax of N1.03 trillion, a 52.5% increase from the N676.9 billion reported in the previous year.

The bank’s gross earnings surged to N4 trillion, with interest income and trading income serving as major contributors to its revenue growth.

In line with its strong financial performance, the Board of Directors has proposed a final dividend of N4.00 per share, bringing the total dividend per share for 2024 to N5.00 (compared to N4.00 in 2023). This proposal, which includes the previously declared N1.00 interim dividend, will be subject to shareholder approval at the next Annual General Meeting. Dividend payments will also be subject to a 10% withholding tax.

As part of efforts to comply with the Central Bank of Nigeria’s minimum capital requirements, Zenith Bank raised N343 billion through a combination of rights and public offers. This resulted in an increase in the bank’s total issued shares from 31.4 billion to 41.1 billion units.

The bank confirmed that as of December 31, 2024, the CBN has verified these shares, and the Securities and Exchange Commission has approved their inclusion in the financial statements, pending final allotment.

Zenith Bank stated that the successful capital raise enhances financial stability and aligns with its strategic growth objectives.