Zenith Bank achieves remarkable tripple-digit topline growth as gross earnings hits N2.9trn in Q3 2024

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Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

According to the Bank's unaudited third quarter financial results presented to the Nigerian Exchange , the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024. Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

3%, underscoring the Bank's proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency. Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.

 

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