Prime Business AfricaZenith Bank generated N3.97 trillion revenue last year, according to the company’s consolidated and separate statements for the year ended December 31, 2024.
The financial institution recorded 86.27 percent growth in its gross earnings, which surpassed the N2.13 trillion generated in the financial year of 2023.
Join our WhatsApp ChannelIn the financials, Zenith Bank reported that interest income settled at N2,72 trillion, compared to the N1.14 trillion posted in the previous year – reflecting an increase of 137.74 percent.
This was, however, overshadowed by the 142.96 percent increase in the company’s interest expense, with Zenith Bank recording N992.47 billion last year, against the N408.49 billion filed in 2023.
Nonetheless, the financial institution recorded a triple-digit growth (134.84 percent) in its net interest income after posting N1.72 trillion during the reviewed period, compared to the N736.18 billion announced the previous year.
Before the company accounted for taxes, Zenith Bank had a N1.32 trillion in profit before tax (PBT), which was 66.69 percent or N530.88 billion higher than the N795.96 billion registered in 2023.
However, income tax gulped 22.15 percent of the PBT – up from 14.95 percent – after rising by 146.91 percent year-on-year, according to Prime Business Africa’s analysis.
Zenith Bank’s income tax increased from N119.05 billion in 2023 to N293.95 billion last year, leaving the company with N1.03 trillion in profit after tax, which grew by 52.58 percent from N676.9 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
