Adaora Umeoji leads Zenith Bank to $194.4 million profit in Q1 2025

Key Points

• Zenith Bank Q1 profit surges 20.7%, reaching $194.4 million, driven by strong growth in gross earnings and rising interest income.
• CEO Adaora Umeoji steers Zenith Bank’s global expansion, including a new Paris branch and a successful $230.3 million capital raise.
• Zenith Bank’s total assets climb to $20.2 billion in Q1 2025, with shareholder equity and retained earnings also showing strong growth.

Building on a strong performance in 2024, Nigerian banking executive Adaora Umeoji has led Lagos-based Zenith Bank Plc to another impressive result, posting a profit of $194 million in the first quarter of its 2025 fiscal year. The group’s latest results underline its position as Nigeria’s most profitable lender, boosted by a sharp rise in income from interest-earning assets.

Zenith Bank profit jumps 20.7 percent

According to figures released in its financial report, Zenith Bank’s profit rose by 20.7 percent, climbing from N258.34 billion ($161 million) in the first quarter of 2024 to N311.83 billion ($194.4 million) this year. This growth was driven by a jump in gross earnings during the period.

Gross earnings rose from N780.6 billion ($486.7 million) to N949.7 billion ($592.1 million), lifted mainly by an increase in interest income, which surged from N488.55 billion ($304.6 million) to N837.64 billion ($522.2 million).

Umeoji leads Zenith Bank’s global expansion

Founded in 1990 by Jim Ovia, who still owns a 16.2 percent stake (5.08 billion shares), Zenith Bank has remained one of Nigeria’s banking heavyweights. In 2024, the group expanded its international reach by opening a branch in Paris, strengthening its presence in Francophone Africa and Europe.

Adaora Umeoji, who stepped into the CEO role in June 2024, holds 91.9 million shares in the bank. Since taking charge, she has overseen a period of strong growth, including the successful completion of a N350.4 billion ($230.3 million) capital raise through a hybrid rights issue and public offer, beating its original target of N290 billion ($190.5 million). The move has further cemented Zenith’s reputation as one of Nigeria’s most well-capitalized lenders.

Assets, retained earnings climb in Q1

The group’s strong start to 2025 is also reflected in the growth of its balance sheet. Total assets increased from N29.96 trillion ($18.7 billion) at the end of 2024 to N32.42 trillion ($20.2 billion) as of March 31, 2025.

Shareholders’ equity rose from N4.03 trillion ($2.51 billion) to N4.44 trillion ($2.8 billion). Retained earnings also climbed, moving from N2.01 trillion ($1.25 billion) to N2.56 trillion ($1.6 billion) over the same period.