Zenith Bank’s Group Managing Director/Chief Executive Officer, Dr Adaora Umeoji, has stated that the bank is expected to generate more than N1 trillion in profit by the end of the 2024 fiscal year.
The GMD/CEO said this at the bank’s recently held Capital Markets Day in Lagos, according to The Punch.
Umeoji also said that the bank intended to establish a fintech unit, raise over N230 billion in the current recapitalization, and extend its operations to France and other Francophone African nations.
Zenith Bank’s 2023 annual report states that the bank’s market capitalization was N1.3 trillion, shareholders’ funds were N2.3 trillion, and tier-1 capital was N1.8 trillion.
Also, the bank’s profit before tax was N796bn as profit after tax tripled by 202 per cent to N676.9bn from N223.9bn.
At the end of the year, a dividend of N4 per share was distributed to shareholders as compensation.
She stated that the bank was expected to generate over N1 trillion in profit before taxes in 2024 based on its performance pattern, which included achieving a profit before tax of N796 billion in 2023 and N320 billion in the first quarter of 2024.
The Zenith Bank boss also conveyed confidence that the bank was well-positioned to provide investors and other stakeholders with superior value and effectively navigate the recapitalization process because of the caliber of the board, management, and corporate culture.
“For us at Zenith, we won’t be left out. We are planning to go to the market to raise capital, and as it stands, Zenith Bank has the least amount of capital to raise. We are looking to raise N230bn because we are already at N270.7bn. That is the least capital to raise among our peers.
“We believe that Zenith Bank has what it takes. We have the capacity, the network, the balance sheet, the human capital, and the track record to achieve that. We are planning for the future, and the technology we have now is the best in the entire industry. It will help us to have a seamless process and integrate,” she stated.
According to Umeoji, the bank is eager to promote financial inclusion, grow corporate and retail banking via technology and other cutting-edge digital platforms, and boost profitability by launching a fintech company called ZenPay.
