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Home Bank Recapitalization

Zenith Bank Plc posts N1 trillion pre-tax profit for nine-month period in 2024, with third quarter profit at N275 billion 

Izuchukwu Okoye by Izuchukwu Okoye
October 31, 2024
in Bank Recapitalization, Company Results, Markets, Zenith Bank Offer
Zenith Bank Plc

Image Credit: Zenith Bank

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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 company’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.

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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)  

  • 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: N30.38 trillion, +67.30% 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%.

The company’s income from net fees and commissions grew 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 company’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.

Strong Asset Position 

  • As of September 30, 2024, Zenith Bank Plc reported total assets of N30.3 trillion, largely supported by N9.4 trillion in loans and advances to customers.
  • Total liabilities, however, rose to N28.8 trillion, up from N16.2 trillion reported in the same period the previous year.

Cash Flow Performance 

  • Zenith Bank Plc demonstrated a strong cash flow position, with operating cash flows amounting to N685.66 billion for the period.
  • Investment activities resulted in a net cash outflow of N971.64 billion, primarily due to significant investments in treasury bills and property, while financing activities saw a net cash outflow of 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.

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Tags: pre-tax profitZenith Bank News
Izuchukwu Okoye

Izuchukwu Okoye

Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.

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