Zenith Bank Plc, Nigeria’s preeminent financial institution, recently held its highly anticipated Capital Markets Day, underscoring the bank’s values and its strategic path forward amid its recapitalisation efforts. The event, held in Lagos, attracted key market players and provided a platform for the bank to detail its impressive growth trajectory, market performance, and robust risk management strategies.
Zenith Bank’s Record-Breaking Performance
During the Capital Markets Day, Dame Dr Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith Bank, shared the bank’s outstanding financial results. For the year ending December 2023, Zenith Bank reported a staggering N2.132 trillion in gross earnings, marking a remarkable 125 per cent increase from the previous year. The bank’s profit before tax soared to N796 billion, up 180 per cent, while profit after tax surged by 202 per cent to N676.9 billion.
Dr Umeoji highlighted the bank’s tier-1 capital standing at N1.8 trillion, shareholders’ funds of N2.3 trillion, and market capitalisation of N1.3 trillion. She provided a bullish forecast for 2024, projecting a profit before tax exceeding N1 trillion, given the bank’s current performance and strong first-quarter results.
Future Growth and Expansion Plans
Looking ahead, Zenith Bank is set to advance its financial inclusion efforts and enhance both corporate and retail banking through cutting-edge technology and digital platforms. Key among its plans is the launch of ZenPay, a fintech subsidiary aimed at driving profitability. The bank also intends to expand its operations into France and other Francophone African nations.
Dr Umeoji commented on the bank’s recapitalisation strategy, noting that Zenith plans to raise N230 billion, highlighting the bank’s readiness and capacity to achieve this goal given its strong capital base and technological infrastructure.
Awards and Recognition
Zenith Bank’s commitment to excellence was recently recognised with two prestigious awards. The bank was named Best Commercial Bank in Nigeria for the fourth consecutive year and Best Corporate Governance in Nigeria for the third consecutive year in the World Finance Banking Awards 2024. These accolades reflect Zenith Bank’s dedication to superior financial performance, customer service, sustainability, and corporate governance.
In response, Dr Umeoji dedicated the awards to Zenith’s founder, Dr Jim Ovia, CFR, acknowledging his leadership and vision in building a robust institution. She also expressed gratitude to the board, staff, and customers for their unwavering support.
Zenith Bank: A Legacy of Excellence
Since its establishment in 1990, Zenith Bank has grown to become one of Africa’s foremost financial institutions. The bank’s commitment to customer-centricity and innovation has garnered numerous accolades, including being named the Number One Bank in Nigeria by Tier-1 Capital for 14 consecutive years. Zenith Bank’s pioneering efforts in digital banking and technology underscore its role as a leader in the industry.