Zenith Bank Declares Massive Profit, Jim Ovia to Become Over N20bn Richer
- Zenith Bank declared impressive revenue in 2024, significantly boosting the net worth of its shareholders, including founder Jim Ovia
- All key metrics of Zenith Bank improved, cementing the financial institution's place as one of the best
- Adaora Umeoji, Group Managing Director/CEO, promised to create value for customers and stakeholders
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Zenith Bank Plc has announced it recorded a gross earnings of N3.97 trillion in 2024, which is an 86% increase from N2.12 trillion in 2023.
The bank stated this in its audited financial results released on the Nigerian Exchange (NGX).

Source: UGC
Insights into Zenith Bank's financial performance
Zenith Bank's growth was driven by a 138% rise in interest income, bolstered by investments in high-yield government securities and an expanding loan book.
Profit before tax (PBT) climbed 67% to N1.3 trillion in 2024 from N796 billion in the previous year, supported by revenue growth and effective treasury portfolio management.
Net interest income saw a 135% increase, rising from N736 billion in 2023 to N1.7 trillion, reinforcing Zenith Bank’s core banking strength despite economic headwinds.
Non-interest income also grew 20%, reaching N1.1 trillion from N919 billion.
The bank’s total assets expanded by 47% to N30 trillion in 2024 from N20 trillion in 2023, driven by a strong liquidity position and prudent balance sheet management.
Also, customer deposits surged 45% to N22 trillion from N15 trillion.

Source: Facebook
Other insights into the bank's financials
Return on Average Equity (ROAE) declined to 32.5% due to new capital injection, while Return on Average Assets (ROAA) remained stable at 4.1%, BusinessDay reports.
The bank’s cost-to-income ratio increased slightly from 36.1% to 38.9%, despite inflationary pressures.
The Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring Zenith Bank’s prudent risk management approach.
Dividend and capital raise
The Board of Directors has proposed a final dividend of N4.00 per share, bringing the total dividend for the year to N5.00 per share, pending shareholder approval at the upcoming Annual General Meeting (AGM).
The dividend is subject to a 10% withholding tax.
In a major capital raise initiative, Zenith Bank issued an additional 9,673,336,214 shares through a combination of a rights issue and public offer, increasing its total issued shares to 41,069,830,001.
The Securities and Exchange Commission (SEC) approved the allotment of these new shares on January 23, 2025.
Zenith bank's CEO’s remarks and outlook
Commenting on the results, Group Managing Director/CEO Dame Dr. Adaora Umeoji said:
“This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.”

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Jim Ovia's payout
With 5,082,800,739 shares, Zenith Bank Chairman Jim Ovia is set to receive a dividend payout of approximately N20.33 billion from the declared final and interim dividends.
Stock market investors share N26bn in hours
Earlier, Legit.ng reported that the Nigerian stock market closed the week with its second gain in consecutive trading days.
The latest appreciation helped market investors make over N26 billion after hours of trading on Tuesday.
Tuesday's improvement was led by the shares of May & Baker Nigeria Plc and Mutual Benefits Assurance Plc, among others.
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Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Kola Muhammed (Copyeditor) Kola Muhammed is an experienced content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa.