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Zenith Bank Plc, a leading financial services group led by Nigeria’s richest banker Jim Ovia, maintained its impressive financial run in the first quarter of 2024, reporting a significant profit increase that cemented its position as a top lender in the country.
Zenith Bank’s profit jumps nearly 300 percent in Q1
Building on a record-breaking 2023, when profit rose 202.3 percent to N676.91 billion ($522.03 million), Zenith Bank’s Q1 2024 profit jumped 291.35 percent year-over-year, according to unaudited financials. Profit rose from N66.01 billion ($48.25 million) to N258.34 billion ($188.83 million).
The triple-digit surge stems from strong gross earnings growth. Gross earnings, encompassing interest income, fees, and commissions, climbed from N269.9 billion ($197.3 million) in Q1 2023 to N780.6 billion ($570.6 million) in Q1 2024. Trading income also contributed, rising from N33.89 billion ($24.77 million) to N210.69 billion ($154 million) during the period.
Zenith Bank soars under Jim Ovia’s leadership
Zenith, a leading Nigerian financial services provider licensed by the Central Bank of Nigeria, boasts a large footprint across Nigeria and Anglophone West Africa. Founded in 1990 by Ovia, the bank has played a key role in the evolution and digitalization of the Nigerian banking sector. Ovia retains a 16.2 percent stake (5,072,104,311 ordinary shares).
Under Ovia’s leadership, total comprehensive income surged 737.07 percent, from N62.62 billion ($45.31 million) to N524.15 billion ($379.27 million). This follows a robust 2023 performance where total comprehensive income rose from N196.65 billion ($152.65 million) to N1.05 trillion ($815.06 million).
Assets & retained earnings see big gains
The Lagos-based lender’s strong performance also revealed an 81.75-percent expansion in total assets, from N13.36 trillion ($9.67 billion) to N24.28 trillion ($17.57 billion) year-over-year. Retained earnings also surged 106.1 percent, rising from N682.78 billion ($494.05 million) to N1.41 trillion ($1.02 billion).
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