Zenith Bank’s remarkable growth and milestones: A Success Story in 2024
By Seun Ibiyemi
Zenith Bank Plc has once again demonstrated its dominance in the Nigerian banking sector, achieving remarkable financial growth and key milestones in 2024.
With impressive earnings, strategic expansions, and multiple accolades, the bank continues to solidify its reputation as a leading financial institution in Africa.
Financial Performance and Growth
Zenith Bank recorded an outstanding financial performance in 2024, reflecting resilience and operational efficiency in a challenging economic landscape.
The bank’s gross earnings surged by 118 per cent year-on-year, reaching N2.9 trillion in the third quarter of 2024, compared to N1.33 trillion in Q3 2023.
This significant increase was driven by robust interest income, strategic investments, and a strong customer base.
The bank’s profit before tax (PBT) witnessed a substantial 67 per cent growth, totaling N1.3 trillion for the full year, up from ¦ 796 billion in 2023. Profit after tax (PAT) also saw a significant increase, reaching N1.03 trillion, marking a 52.5 per cent rise from the previous year.
This strong financial performance underscores the bank’s ability to navigate macroeconomic challenges while delivering substantial value to its shareholders.
In terms of asset base, Zenith Bank’s total assets grew significantly, reaching N 3.97 trillion, up from N2.8 trillion in the previous year.
This expansion highlights the bank’s strategic asset management and prudent risk assessment practices.
Strategic Expansion and Innovation
One of the most notable milestones for Zenith Bank in 2024 was its expansion into international markets.
In November 2024, the bank commenced operations in Paris, France, marking a strategic step toward enhancing cross-border trade and investment opportunities.
This move aligns with Zenith Bank’s vision of becoming a global financial powerhouse while serving the diverse needs of its growing clientele.
Additionally, the bank continued its digital transformation journey, leveraging cutting-edge technology to improve banking services.
The adoption of artificial intelligence-driven financial solutions and blockchain technology for secure transactions further solidified its position as a forward-thinking financial institution.
Workforce Growth and Employee Welfare
Zenith Bank’s growth was also evident in its workforce expansion and employee welfare initiatives. In 2024, the bank increased its workforce by 15 per cent, reaching over 8,000 employees.
This expansion was complemented by a salary increase of over 20 per cent and the promotion of more than 500 staff members, reinforcing the bank’s commitment to human capital development.
Gender diversity was another area where the bank made significant strides. Women now comprise 53 per cent of the workforce, with increased representation in managerial and executive positions.
The Board of Directors also saw improved gender balance, with female non-executive directors rising from 25 per cent in 2023 to 38 per cent in 2024.
Awards and Recognitions
Zenith Bank’s exceptional performance and contributions to the banking industry did not go unnoticed. In 2024, the bank was named ‘Bank of the Year’ in Nigeria by The Banker Magazine for the fifteenth consecutive year. It also secured the ‘Retail Bank of the Year’ award at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Additionally, the bank received the ‘Most Sustainable Bank in Nigeria’ award from International Banker, highlighting its commitment to environmental, social, and governance (ESG) principles.
These accolades reflect Zenith Bank’s unwavering dedication to excellence, innovation, and sustainable banking practices.
Conclusion
Zenith Bank’s remarkable growth, strategic initiatives, and industry recognition in 2024 reinforce its status as a leading financial institution in Nigeria and beyond.
With a strong financial base, expanding international footprint, and a commitment to technological innovation and employee welfare, the bank is well-positioned for sustained success in the years ahead.
