Zenith Bank Plc has announced a pre-tax profit of N1 trillion for the nine-month period ending September 30, 2024, including N275.8 billion in pre-tax profit recorded for the third quarter.
This marks a significant 98.57% year-over-year increase, up from the N505 billion recorded for the same nine-month period in 2023.
The bank’s net interest income also displayed exceptional growth, surging by 208.43% from N415.2 billion in the previous year to an impressive N1.2 trillion.
Furthermore, Zenith Bank Plc’s gains from equity instruments at fair value climbed significantly, rising 107.30% year-over-year from N73.8 billion to N153.1 billion.
Key Financial Highlights (2024 vs. 2023)
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%.
The company’s income from net fees and commissions rose by 119.64% year-over-year to N174.2 billion while trading income recorded a substantial 438.83% surge.
Despite an increase in personnel expenses by 70.40% year-over-year, the bank’s overall profitability remained strong, achieving a nine-month pre-tax profit of N1 trillion, with N275.8 billion contributed in Q3 2024 alone.
Post-tax profit grew by 90.54% year-over-year, reaching N827.2 billion from the previous N424.1 billion, while gains on equity at fair value also strengthened the company’s income, rising 107.30% to N153 billion.