Zenith Bank Plc has reported a remarkable pre-tax profit of N1 trillion for the nine-month period ending September 30, 2024, which includes N275.8 billion generated in the third quarter. This achievement reflects a substantial year-over-year increase of 98.57%, compared to N505 billion for the same period in 2023.The bank’s net interest income demonstrated exceptional growth, soaring by 208.43% from N415.2 billion in the previous year to an impressive N1.2 trillion. Additionally, Zenith Bank Plc saw significant gains from equity instruments at fair value, which rose 107.30% year-over-year, increasing from N73.8 billion to N153.1 billion.
- Key Financial Highlights (2024 vs. 2023)
- Gross Profit: N2.8 trillion, +118.16% YoY
- Net Interest Income: N1.2 trillion, +208.43% YoY
- Net Fee and Commission Income: N174.2 billion, +119.64% YoY
- Trading Income: N686.3 billion, +438.83% YoY Personnel Expenses: N150.6 billion, +70.40% YoY
- Pre-tax Profit: N1 trillion, +98.57% YoY
- Equity Fair Value Gain: N153 billion, +107.30% YoY
- Total Assets: N5.3 trillion, +71.12% YoY
- Cash and Cash Equivalents: N2.8 trillion, +5.06% YoY Commentary: Zenith Bank Plc’s gross profit reached N2.8 trillion for the nine-month period, a 118.16% year-over-year increase from the N1.3 trillion reported in the previous year, while net interest income also rose sharply by 208.43%.
Cash Flow Performance :
- Operating Cash Flows: N685.66 billion, improvement from N1.17 trillion the previous year
- Net Cash Outflow from Investment Activities: N971.64 billion, due to significant investments in treasury bills and property
- Net Cash Outflow from Financing Activities: N102.26 billion, largely from long-term borrowing repayments and dividend payments Despite these outflows, the bank ended the period with a strong cash reserve of N2.84 trillion, reflecting a stable liquidity position for the nine-month period.
