Bank
ZENITH BANK MAINTAINS LEADING POSITION IN PROFITABILITY AS PBT SOARS TO N727 BILLION IN H1 2024 RESULT
ZENITH BANK MAINTAINS LEADING POSITION IN PROFITABILITY AS PBT SOARS
TO N727 BILLION IN H1 2024 RESULT
Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024,
recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion
reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been
achieved even as the Nigerian banking industry navigates a challenging macro
environment.
According to the bank's audited half-year financial results presented to the Nigerian
Exchange (NGX) on Friday, 30th August 2024, the triple-digit growth in the top line also
drove growth in the bottom line as the Group recorded a 108% Year on Year (YoY) increase
in profit before tax, from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax
also grew by 98% from N292 billion to N578 billion in the same period. This led to growth in
earnings per share (EPS) by 98% from N9.29 in H1 2023 to N18.41 in the period under
review.
The growth in gross earnings was driven by an acceleration in both interest income and
non-interest income. Propelled by the growth of and by the effective pricing of risk assets,
interest income surpassed the N1 trillion mark, a half-year record, growing by 177% from
N415.4 billion in H1 2023 to N1.1 trillion in H1 2024, while non-interest income grew by 74%
from N515.7 billion to N899.3 billion.
The Group continued to strive for operational efficiency, resulting in only a marginal
increase in cost-to-income ratio Year on Year (YoY) from 38.5% to 39.4%. The heightened
risk environment has fuelled a growth in impairment levels, thus mildly elevating the cost of
risk from 8.8% to 9.7%. Cost of funds grew Year on Year (YoY) from 2.6% to 4.4% given
the high-interest rate environment. This also resulted in growth in interest expense from
N153.6 billion in H1 2023 to N434.4 billion in H1 2024. Despite this, net interest margin
grew by 49% from 5.9% in H1 2023 to 8.8% in H1 2024, underscoring the efficient repricing
of interest earning assets and interest accruing liabilities.
Total assets grew by 35% from N20.4 trillion in December 2023 to N27.6 trillion in June
2024, while customer deposits grew by 29% from N15.2 trillion in December 2023 to N19.6
trillion in June 2024. Gross loans also grew by 44% from N7.1 trillion in December 2023 to
N10.2 trillion in June 2024 aided by loans disbursements to customers and the translation
effect of foreign currency denominated loans. The Group’s consistent stringent risk
acceptance criteria helped ensure that the non-performing loan ratio continued to show only
modest growth, increasing from 4.4% in December 2023 to 4.5% in June 2024 despite the
challenging macroeconomic environment. Capital adequacy ratio improved from 21.7% in
December 2023 to 23% in June 2024, loan-to-deposit ratio grew by 11% from 46.5% to
51.7%, while liquidity ratio reduced from 71% to 59% in the current period. All prudential
ratios are still well above regulatory thresholds.
In maximizing value to its highly esteemed shareholders, the Group has declared an interim
dividend of N1.00 per share. This represents the highest half year dividend pay-out in its
history, and also the highest interim dividend in the Nigerian banking sector till date.
The Group’s strong brand equity and excellent service quality position it to mine new
business opportunities in strategic sectors of the economy, in existing geographies where it
has a presence, and in new geographies it is exploring. In furtherance of its expansion
plans, the Group has received regulatory approval for the establishment of a third-country
branch in Paris, France, which, when fully operational, will enhance its product offerings in
international markets.
The Group will continue to invest in enhancing its digital banking capabilities and is
expediting the completion of its technology infrastructure upgrade. Its track-record of
successful capital raises puts it on a solid footing to meet the new minimum capital
requirements for commercial banks with international authorisation, well ahead of the
deadline set by the CBN. The Group remains undoubtedly on track for a record year in its
financial performance and will continue to deliver maximum value to its shareholders, while
ensuring a strong corporate governance culture.
Zenith Bank’s track record of excellent performance has continued to earn the brand
numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1
Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking,
published by The Banker Magazine. The Bank was also awarded the Bank of the Year
(Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most
Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards. Further
recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022
and in 2024 in the Global Finance World’s Best Banks Awards, and Best Commercial Bank,
Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards.
Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank,
Nigeria, in the World Finance Corporate Governance Awards for three consecutive years
from 2022 to 2024, and ‘Best in Corporate Governance’ Financial Services’ Africa for four
consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking
Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and
Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay
Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the
accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking
Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in
the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the
Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by
Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most
Responsible Organisation in Africa 2021 by SERAS Awards.
FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025
Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.
The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.
Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”
“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.
The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.
The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.
Alpha Morgan Bank Backs Cultural Preservation at the 2025 Iganmode Festival
Alpha Morgan Bank has reaffirmed its commitment to cultural preservation and community development as one of the major sponsors of the recently concluded Iganmode Cultural Festival (Odun Omo Iganmode) held in Sango-Ota, Ogun State.
The annual festival, a landmark cultural celebration in the ancient town of Ota, showcased the rich heritage, history, and identity of the Awori people. The event came alive with vibrant displays of traditional music, dance, colourful regalia, and performances that reflected the deep-rooted customs and values of the community.
Alpha Morgan Bank’s sponsorship followed closely on the heels of the recent launch of its Sango-Ota branch, further underscoring the Bank’s dedication to supporting local initiatives, promoting indigenous culture, and fostering sustainable community development in Ota and its environs.
The ceremony attracted an impressive array of dignitaries, including former President of Nigeria, His Excellency Chief Olusegun Obasanjo; Deputy Governor of Ogun State, Engr. (Mrs.) Noimot Salako-Oyedele; and the Olota of Ota, His Majesty, Prof. Adeyemi Obalanlege, alongside several other traditional rulers and members of royal households from across the state. Their presence highlighted the cultural and historical significance of the festival to Ogun State and the wider Yoruba nation.
Alpha Morgan Bank’s participation as a major sponsor reflects its broader corporate vision of strengthening community values and supporting initiatives that promote Nigeria’s rich cultural heritage. The Bank joined thousands of attendees in celebrating a festival that continues to serve as a symbol of unity, pride, and cultural continuity for the people of Ota.
The 2025 edition of the Iganmode Festival was widely acclaimed as a success, leaving guests and participants with lasting impressions of a colourful, well-coordinated celebration that honoured tradition while fostering communal harmony.
*12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way*
December is a season built on gratitude, reflection, and giving. It is a time when small gestures carry deeper meaning and everyday moments turn into shared joy. At Wema Bank, this spirit of the season has inspired the launch of 12 Days of Christmas with 5 for 5 Rewards, a festive campaign created to celebrate customers who continue to make the Bank part of their daily lives.
Running from December 14 to December 25, 2025, the campaign is designed to reward simple, everyday banking while spreading cheer across homes and communities. For twelve days, 33 customers will be rewarded daily with five thousand naira each when they fund their accounts with five thousand naira.
The idea behind the campaign is simple in action but thoughtful in intent. It recognises that during the festive period, every extra support counts. Whether it is preparing for family gatherings, running errands, or planning end-of-year activities, Wema Bank is turning routine transactions into moments of delight.
To take part in the 12 Days of Christmas with 5 for 5 Rewards, customers only need to fund their accounts with five thousand naira through any of the following channels:
ALAT app
*945#
Debit cards
Once the account is funded with five thousand naira, they get an additional five thousand naira as a reward.
Beyond the rewards, the 12 Days of Christmas with 5 for 5 Rewards reflects Wema Bank’s broader commitment to customer-centric banking. It reinforces the Bank’s focus on creating experiences that go beyond transactions, especially during moments that matter most to customers.
As the year draws to a close, Wema Bank is inviting customers to enjoy the festive season knowing that their loyalty is valued and celebrated. With every transaction, the Bank continues to find new ways to connect, appreciate, and give back during a season defined by generosity.
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