Zenith Bank Plc records N1 trillion pre-tax profit in Q3

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, driven by the expansion of both interest income and non-interest income.

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.

Also, the bank’s gains from equity instruments at fair value climbed significantly, rising 107.30% year-over-year from N73.8 billion to N153.1 billion.

Zenith Bank Plc’s gross profit reached N2.8 trillion for the nine months, 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.

The bank noted that its asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.