Zenith Bank's 2024 Profit Hits 671 Million With Adaora Umeoji At The Helm

Zenith Banks 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 Africas most profitable lenders.

According to its recently published annual report , the banks 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.

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 Nigerias 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.