UMEOJI PROJECTS OVER N1TN ZENITH BANK PROFIT IN 2024
Zenith Bank’s Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, announced that the bank is on track to surpass N1 trillion in profit for the financial year 2024. Speaking at the bank’s Capital Markets Day in Lagos, Umeoji highlighted plans to expand operations to France and other Francophone African countries, establish a fintech subsidiary, and raise about N230 billion in the ongoing recapitalisation.
Key highlights from the announcement include:
- 2023 Financial Performance: Zenith Bank's tier-1 capital stood at N1.8 trillion, shareholders’ funds at N2.3 trillion, and market capitalisation at N1.3 trillion. Profit before tax was N796 billion, and profit after tax tripled to N676.9 billion.
- 2024 Profit Projection: With a profit before tax of N320 billion in Q1 2024, the bank is on track to deliver over N1 trillion in profit before tax for the year.
- Capital Raising: Zenith Bank plans to raise N230 billion as part of its recapitalisation effort, having already secured N270.7 billion.
- Expansion and Innovation: The bank aims to drive financial inclusion and expand its corporate and retail banking services through technology, including the launch of a fintech subsidiary, ZenPay.
Additionally, the bank has demonstrated consistent growth over the past five years, with a compound annual growth rate of over 27% in revenue and 28% in profit before tax. Recently, Zenith Bank received accolades at the World Finance Banking Awards 2024 for Best Commercial Bank in Nigeria and Best Corporate Governance.
Dr. Mukhtar Adam, the bank's Chief Financial Officer, highlighted the bank's resilience and ability to deliver stable returns, even during challenging economic periods. The bank’s focus on strong corporate governance, quality management, and advanced technology positions it well for future success.
Zenith Bank’s Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, announced that the bank is on track to surpass N1 trillion in profit for the financial year 2024. Speaking at the bank’s Capital Markets Day in Lagos, Umeoji highlighted plans to expand operations to France and other Francophone African countries, establish a fintech subsidiary, and raise about N230 billion in the ongoing recapitalisation.
Key highlights from the announcement include:
- 2023 Financial Performance: Zenith Bank's tier-1 capital stood at N1.8 trillion, shareholders’ funds at N2.3 trillion, and market capitalisation at N1.3 trillion. Profit before tax was N796 billion, and profit after tax tripled to N676.9 billion.
- 2024 Profit Projection: With a profit before tax of N320 billion in Q1 2024, the bank is on track to deliver over N1 trillion in profit before tax for the year.
- Capital Raising: Zenith Bank plans to raise N230 billion as part of its recapitalisation effort, having already secured N270.7 billion.
- Expansion and Innovation: The bank aims to drive financial inclusion and expand its corporate and retail banking services through technology, including the launch of a fintech subsidiary, ZenPay.
Additionally, the bank has demonstrated consistent growth over the past five years, with a compound annual growth rate of over 27% in revenue and 28% in profit before tax. Recently, Zenith Bank received accolades at the World Finance Banking Awards 2024 for Best Commercial Bank in Nigeria and Best Corporate Governance.
Dr. Mukhtar Adam, the bank's Chief Financial Officer, highlighted the bank's resilience and ability to deliver stable returns, even during challenging economic periods. The bank’s focus on strong corporate governance, quality management, and advanced technology positions it well for future success.
