Zenith Bank Plc, Nigeria’s foremost financial institution, recently hosted its Capital Markets Day to underscore its commitment to sustainability amidst its recapitalization drive.
The event convened key stakeholders and highlighted the bank’s growth trajectory, strategic goals, market performance, and longstanding record of robust dividend payouts. Emphasizing a strong risk management culture, regulatory compliance, capital adequacy, and minimal non-performing loans, Zenith Bank reaffirmed its dedication to sustainable banking practices.
Speaking at the event in Lagos, Dame Dr. Adaora Umeoji, Group Managing Director/CEO, highlighted significant financial metrics:
* Tier-1 capital of N1.8 trillion,
* Shareholders’ funds of N2.3 trillion
* Market capitalization of N1.3 trillion
* Profit before tax reaching N796 billion
* Dividend of N4 per share for 2023.
Looking ahead to 2024, Dr Umeoji projected a profit before tax exceeding N1 trillion, underscoring the bank’s robust performance and strategic direction. The bank CEO outlined plans for advancing financial inclusion, expanding digital banking through ZenPay, and venturing into new markets like France and Francophone Africa.
Dr. Mukhtar Adam, CFO/General Manager, highlighted Zenith Bank’s impressive Compound Annual Growth Rate (CAGR) in revenue, surpassing 27% over the last five years despite economic challenges. He noted the bank’s resilient profitability amid low interest rate environments and governmental fiscal policies, demonstrating sustained growth and stability.
Recently recognized as Best Commercial Bank, Nigeria by World Finance Banking Awards 2024 and Best Corporate Governance, Nigeria at the World Finance Corporate Governance Awards 2024, Zenith Bank continues to set industry benchmarks. These accolades underscore the bank’s commitment to excellence, customer-centricity, and adherence to global best practices.
In its audited results for 2023, Zenith Bank achieved exceptional growth with gross earnings surging by 125% to N2.132 trillion, leading to a 180% increase in profit before tax to N796 billion. This remarkable performance was driven by robust interest and non-interest income growth, reflecting effective asset management and strategic revenue diversification.
