Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September
2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023
to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market
leadership in spite of the challenging macroeconomic environment.
According to the Bank's unaudited third quarter financial results presented to the Nigerian
Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line,
as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from
N505 billion in Q3 2023 to N1.0 trillion in Q3 2024. Profit after tax equally grew by 91% from
N434.2 billion to N827 billion in the same period.
The growth in the topline was driven by the expansion of both interest income and non-interest
income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield
environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth
in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the
robust performance of its digital channels during the reporting period. The robust increase in
profitability reflects the Bank's focus on operational efficiency and strong risk management
practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023,
underscoring Zenith Bank’s strong value creation for shareholders.
The Bank's balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion,
largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in
deposits was broad-based across corporate and retail segments, highlighting the Bank’s
deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion,
underscoring the commitment to supporting strategic sectors in the economy.
Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory
requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while
return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset
base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest
rates, while the cost of risk was maintained at 7.3%, underscoring the Bank's proactive
approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%,
reflecting the impact of strategic investments in technology and capacity building aimed at
supporting long-term growth, even as it continues to strive for greater operational efficiency.
Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan
(NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the

Bank’s disciplined approach to risk management, positioning it for resilience in the face of
market volatility while supporting stable loan growth.
Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The
Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights
Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s
recapitalization directive for commercial banks issued in March 2024. While the Bank awaits
final capital verification approvals from authorities, the fundraising exercise was successful,
reflecting strong confidence in Zenith Bank’s brand.
The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its
penetration in strategic sectors, boost lending to the real sector and pursue its African and
global expansion plan. In furtherance of this, the Bank in September 2024 received regulatory
approval for the establishment of a Zenith Bank branch in Paris, France, which is fully
operational and will enhance the Bank’s product offerings in international markets.
With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving
economic landscape, while putting best-practice sustainability standards at the heart of its
business. The Bank will also continue to prioritize opportunities that enhance stakeholder value
and a strong compliance and corporate governance culture, which will reinforce the its
leadership position within Nigeria’s financial sector and drive long-term growth.