KEY POINTS
- Zenith Bank’s 2024 profit surged to $671 million, driven by strong interest income, fees, and trading gains under CEO Adaora Umeoji’s leadership.
- Total assets grew to $19.5 billion, with a new Paris branch expanding the bank’s footprint in Francophone Africa and Europe.
- Shareholders rewarded with higher dividends as retained earnings climbed to $1.31 billion, reinforcing the bank’s financial strength.
Zenith Bank Plc, Nigeria’s leading financial institution, has reported a staggering 440 million.
According to Billionaires Africa, the results, released in its annual report, cement the bank’s status as one of Africa’s most profitable lenders under the stewardship of CEO Adaora Umeoji, who assumed leadership in June 2024.
“Our growth reflects the resilience of our diversified revenue streams and strategic expansion,” Umeoji stated in the report. The bank’s interest income skyrocketed to 134.5 million, and trading gains doubled to 13.24 billion to 2.62 billion.
Expansion and shareholder rewards
The bank’s aggressive growth strategy included the opening of a Paris branch in 2024, strengthening its presence in Francophone Africa and Europe. Founder Jim Ovia, who retains a 16.2% stake worth over $1.5 billion, praised the bank’s performance, calling it “a testament to disciplined execution and innovation.”
Shareholders benefited from the bank’s success, with retained earnings jumping to 0.00325) per share, up from N4 in 2023. “This dividend increase reflects our commitment to delivering value,” Umeoji emphasized.
