Nigeria Zenith Bank Reports 98% Profit Surge in H1 2024, Reaching N577.9 Billion

Zenith Bank reports a 98% increase in after-tax profit for H1 2024, reaching N577.9 billion, driven by significant growth in gross earnings and strong interest income. The bank aims for continued expansion with a new branch in Paris, while navigating challenges in the high-interest rate environment.

Zenith Bank, one of Nigeria's leading financial institutions, has announced a remarkable 98% increase in after-tax profit for the first half of 2024, reaching N577.9 billion, compared to N291.7 billion in the same period last year. This significant growth is detailed in the bank’s latest financial report, which also highlights a staggering 117.6% rise in gross earnings, totaling N2.1 trillion, up from N967 billion in H1 2023.

The bank attributes its success to a substantial boost in both interest and non-interest income. Interest income soared past the N1 trillion mark for the first time, climbing by 177% to N1.1 trillion, compared to N415.4 billion in the previous year. Non-interest income also experienced a strong increase of 74%, rising to N899.3 billion from N515.7 billion.

Despite the challenging high-interest rate environment, which led to a 183.6% increase in interest expenses to N434 billion, Zenith Bank's net interest income surged by 173.9%, reaching N715 billion. Additionally, net fee and commission income grew to N109.6 billion from N43.9 billion, fueled by fees on electronic products and account maintenance services.

To further solidify its position in the market, Zenith Bank has received regulatory approval to establish a branch in Paris, France, aiming to enhance its international product offerings. The bank’s total assets rose to N27.5 trillion, with customer deposits totaling N19.6 trillion, demonstrating its strong financial health and commitment to operational efficiency in a competitive economic landscape.