Zenith Bank’s 2024 profit hits $671 million with Adaora Umeoji at the helm

Key Points

• Zenith Bank’s profit surges past $670 million in 2024, up from $440 million, driven by strong interest income, fees, and trading gains.
• Total assets jump to $19.5 billion, while shareholders’ equity rises to $2.62 billion, reflecting robust financial growth under CEO Adaora Umeoji.
• Dividend payout increases to N5 ($0.00325) per share, rewarding shareholders amid record earnings and continued expansion, including a new Paris branch.

Zenith Bank Plc, a Lagos-based financial services group led by Nigerian banker Adaora Umeoji, wrapped up its 2024 fiscal year with stronger-than-expected results, posting a profit of over $670 million. This solidifies its position as one of Africa’s most profitable lenders.

Zenith Bank reports strong profit growth

According to its recently published annual report, the bank’s profit jumped from N676.9 billion ($440 million) in 2023 to N1.032 trillion ($670.7 million) in 2024, driven by solid performance across all income streams. A surge in interest income, higher fees and commissions, and stronger trading gains played a key role in this growth.

Interest income, boosted by an expanding loan book and investment securities, rose sharply from N1.14 trillion ($741.5 million) to N2.72 trillion ($1.77 billion). Fees and commissions also climbed from N109.3 billion ($71 million) to N206.9 billion ($134.5 million), while trading gains more than doubled, increasing from N566.9 billion ($369 million) to N1.1 trillion ($716 million).

CEO Umeoji oversees Zenith Bank’s expansion

Founded in 1990 by Jim Ovia, who retains a 16.2 percent stake (5.08 billion shares), Zenith Bank has remained a dominant force in Nigeria’s banking sector. It has also expanded beyond its home market, opening a Paris branch in 2024 to strengthen its footprint in Francophone Africa and Europe.

Under the leadership of Adaora Umeoji, who took over as CEO in June 2024, the bank has sustained strong growth. Umeoji holds 91.9 million shares, including 90.19 million directly and 1.71 million through Palais Vendome Limited.

The bank’s solid performance is also reflected in its total comprehensive income, which increased from N1.05 trillion ($684 million) to N1.516 trillion ($990 million). Its total assets grew from N20.37 trillion ($13.24 billion) at the end of 2023 to N29.96 trillion ($19.5 billion) by the end of 2024, while liabilities rose from N18.04 trillion ($11.73 billion) to N25.93 trillion ($16.9 billion).

Retained earnings rise, dividend payout grows

Shareholders benefited from this growth as equity increased from N2.32 trillion ($1.51 billion) to N4.03 trillion ($2.62 billion), and retained earnings climbed from N1.18 trillion ($768 million) to N2.015 trillion ($1.31 billion).

In response, the board of directors proposed a final dividend of N4 ($0.0026) per share, bringing the total annual dividend to N5 ($0.00325) per share—an increase from N4 ($0.00259) per share in the previous year.