By Ayomide Otitoju
Dr. Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith Bank, announced that the bank is on course to exceed N1 trillion in profit by the end of the 2024 financial year. She made this statement during the bank’s Capital Markets Day in Lagos, highlighting their strategic goals and achievements.
Umeoji, who assumed her role in June, outlined plans for Zenith Bank to expand into France and other Francophone African countries, establish a fintech subsidiary named ZenPay, and raise approximately N230 billion in the ongoing recapitalisation process.
According to Zenith Bank’s 2023 annual report, the bank’s tier-1 capital stood at N1.8 trillion, shareholders’ funds at N2.3 trillion, and market capitalisation at N1.3 trillion. The bank recorded a profit before tax of N796 billion in 2023, with profit after tax tripling to N676.9 billion from N223.9 billion. Shareholders were rewarded with a dividend of N4 per share.
Umeoji expressed confidence in the bank’s trajectory, citing a profit before tax of N320 billion in the first quarter of 2024 and projecting over N1 trillion for the full year. She emphasized Zenith Bank’s robust corporate culture and management’s capabilities to deliver superior value to stakeholders amidst the recapitalisation process.
“We are well-positioned with our network, balance sheet, human capital, and technology to achieve our targets. Zenith Bank aims to lead in financial inclusion, enhance corporate and retail banking through digital platforms, and drive profitability through ZenPay,” Umeoji stated.
Dr. Mukhtar Adam, Zenith Bank’s Chief Financial Officer/General Manager, highlighted the bank’s resilience, with a compound annual growth rate in revenue exceeding 27% over the last five years, despite economic challenges. He emphasized the bank’s stable returns and growth in profit before tax by approximately 28% over the same period.
Recently, Zenith Bank received dual accolades at the World Finance Banking Awards 2024: Best Commercial Bank, Nigeria (fourth consecutive year), and Best Corporate Governance, Nigeria (third consecutive year), underscoring its leadership in the financial sector.
