This approval is a reflection of the bank’s robust financial performance in 2024, which included a profit before tax of N1.3 trillion and substantial growth across key indicators. The bank reported an 86% increase in gross earnings, rising from N2.13 trillion in 2023 to N3.97 trillion in 2024. Its interest income jumped by 138%, driven largely by strategic investments in high-yield government instruments and an expanded loan portfolio. Customer deposits and total assets also grew significantly, by 45% and 47% respectively.
Addressing shareholders, the bank’s founder and Chairman, Jim Ovia, attributed the success to the resilience of the institution and its ability to leverage opportunities within its subsidiaries despite global economic challenges. He expressed appreciation to the bank’s investors for their unwavering support over the years.
Group Managing Director and Chief Executive Officer, Adaora Umeoji, who presided over her first AGM in her new role, echoed similar sentiments of gratitude. She reassured shareholders of the bank’s continued commitment to delivering strong returns. “We have successfully completed our recapitalisation exercise, achieving 160% subscription. Therefore, we are not under any pressure to raise additional funds,” she said. “Zenith Bank has sufficient capital buffers and remains focused on organic growth while upholding strict corporate governance.”
Shareholder representatives also lent their voices in praise of the bank’s consistency in rewarding investors. Faruk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, lauded the bank for crossing the trillion-naira threshold in both profit and shareholders’ funds—an achievement he described as historic. Similarly, Otunba Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, noted that the consistent dividend payout underscored Zenith Bank’s prudent financial management and investor-focused approach.
The AGM also highlighted Zenith Bank’s continued recognition on the global stage. Umeoji noted that the bank was once again ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks Ranking by The Banker magazine. Additionally, the bank won the “Bank of the Year (Nigeria)” award in 2020, 2022, and 2024, and was named “Best Bank in Nigeria” in four of the last five years by Global Finance magazine.
Zenith Bank’s 2024 performance not only demonstrates financial strength but also solidifies its reputation for long-term value creation. As the bank moves forward, shareholders appear confident in its ability to sustain its growth trajectory and maintain its leadership role within the Nigerian and broader African banking landscape.