ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

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.

Dangote embarks on mega environmental restoration project, plants 10,000 Mangrove trees

To enhance its environmental sustainability initiatives in line with global best practices, Dangote Industries Limited (DIL), has embarked on a restoration project of planting 10,000 mangrove trees across coastal states in Nigeria.

The project, in partnership with Eco-Restoration Foundation, kickstarted at Akodo-Ise, Ibeju-Lekki, Lagos, was aimed at minimising the global effects of climate change, by promoting restoration, conservation and protection of mangrove trees across Nigeria.

In his remarks at the event, the DIL Vice-President, Oil and Gas, Mr. Devakumar Edwin revealed that “one of the primary reasons of the Dangote Group is to ensure that Nigeria keeps providing employment and lifting the people out of poverty through sustainability projects.

“We are also committed to creating good climate scenarios where people can live long and their livelihoods cannot be taken away from them. Apart from absorbing more carbon from the atmosphere than other tree species, Mangrove Forests serve as vital buffers against coastal erosion, and are critical for preserving marine biodiversity and supporting millions of coastal dwellers whose livelihoods depend on healthy mangrove forests,” he said.

Speaking after the flag-off of the tree planting exercise, the Group Chief HSSE and Sustainability, Dangote Industries Limited, Mr. James Adenuga, expressed excitement at the importance of this partnership and its alignment with the organisation’s focus on the sustainable development of Nigeria and Africa, with long term carbon offset targets.

“Environmental sustainability is one of the seven Sustainability Pillars of the Dangote Group, and preservation of the environment is one of our core priorities wherever we operate. We are glad to embark on this project”, Adenuga added.

Speaking earlier during the tree planting exercise, a trustee of Eco-Restoration Foundation, Prince David Omaghomi, stated that the foundation “was more than thrilled to welcome Dangote Group as our largest corporate partner of the Eco-Park Mangrove Sanctuary & Research Centre to date.

He explained further that Nigeria has lost 60 per cent of the mangrove population, adding that Nigeria coastal line is at risk of going underwater in years to come if nothing is done.

“This project is meant to promote mangrove restoration, conservation, and protection. Nigeria has lost 60 per cent of its mangrove forests. More ocean acidification will be expected in Nigeria due to climate change and rising sea level. In the next 100 years, the coastal lines in Nigeria will be covered by water. The great blue wall will run across the coast of Nigeria by using mangroves.

“We are happy to receive the Dangote Group here and with their brand being blue they are the blue Big Brother of Africa. Their (Dangote’s) pledge to plant 10,000 mangroves in phases over the next few months, underscores their commitment to environmental stewardship and resilience building along Nigeria’s coasts.

“With their continued support, we are confident that this project will spark a wave of community-based restoration activities all along Nigeria’s coastline, in line with our persistent calls for the commencement of the ‘Great Blue Wall of Africa’ built of mangrove forests – as a natural defense against rising sea levels and climate change.

“Without immediate action, our multi-billion-dollar industrial complexes, Sea Ports, Oil & Gas facilities, Tourism and entire Blue Economy will be exposed to the relentless advance of ocean acidification in the coming decades,” he observed.

The tree planting exercise, which drew volunteer staff from Dangote Head Office, Falomo Ikoyi, Dangote Fertiliser Limited, Dangote Refinery and Petrochemicals, and other units, drew widespread commendation from the Onise of Akodo-Ise, Oba Ganiu Adebowale Adegbesan, senior officials of the Lagos State Government, and members of the Akodo-Ise community, Ibeju-Lekki, Lagos.

“New dawn, new opportunities and fresh beginnings”- Prudent Ludidi

Today marks a new dawn in your life. A fresh beginning. A chance to start reset and refresh!

As the sun rises, casting away the shadows of yesterday, remember that every day brings new opportunities.

Leave the past behind and embrace the present moments with open arms and joy.
You have the power to create the life you desire.

Believe in yourself. Believe in your strength. Believe in your resilience.

Every setback is a setup for a comeback.Every failure is a lesson learned. Every experience shapes you into the person you’re meant to be.

Don’t be held back by what didn’t work in the past, don’t be limited by doubts, because you are capable of achieving greatness.

You are worthy of love, happiness, and success. Seize this new dawn with optimism and hope.

Take the first step towards your dreams.

Embrace the unknown with courage and determination and remember, every new beginning comes with a chance to:

Rediscover yourself
Reignite your passions
Rebuild your strength
Restore your hope
Revitalize your spirit

Restarting in life does not mean failure, it brings numerous benefits:

A clean slate, freedom from past mistakes
A renewed sense of purpose and direction
Increased confidence and self-awareness
Improved mental clarity and focus
Enhanced creativity and innovation
Stronger resilience and adaptability
Greater sense of freedom and empowerment

You get to:

Create new habits, breaking free from old patterns
Nurture meaningful relationships, letting go of toxic ones
Pursue new interests, reigniting your spark
Develop a growth mindset, embracing challenges
Cultivate gratitude, appreciating life’s beauty

You are not starting from scratch; you’re building upon your experiences.

You are stronger, wiser, and more resilient.

You’ve got this!

Seize this new dawn.

Embrace your fresh start.

Unlock your potential.