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    Home»Business»Zenith Bank post N406.8 billion pre-tax profits in Q2, on track to hit N1 trillion profits by year end
    Business

    Zenith Bank post N406.8 billion pre-tax profits in Q2, on track to hit N1 trillion profits by year end

    Ifetayo AdeniyiBy Ifetayo AdeniyiAugust 31, 20242 Mins Read
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    Zenith Bank post N406.8 billion pre-tax profits in Q2, on track to hit N1 trillion profits by year end

    The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Right) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Left) during a court-ordered Extraordinary General Meeting (EGM) held virtually from the Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday.

    Zenith Bank reported its 2024 second quarter results showing pre-tax profits topped N406 billion in the second quarter of 2024 as forex related gains boosted bottom line.

    The profits represent a 370% increase year on year when compared to the N86.8 billion reported a year earlier.

    Zenith Bank’s profits got a major boost from gains made on its trading books which soared to N871.6 billion for the first 6 months of the year up from N77.9 billion a year earlier.

    This helped propel half year pre-tax profits to a whopping N727 billion suggesting Zenith Bank is on track to be the first commercial bank to hit N1 trillion in profits by the end of the year.

    Key highlights

    •Net Interest Income: N408.6 billion, +238%

    •Loan Impairments: N359.3 billion, +4548%

    •Net Interest after impairments: N49.3 billion, -56%

    •Operating Income: N677 billion, +264%

    •Operating Expenses: N270 billion, +172%

    •Pre-tax Profit: N406.8 billion, +370%

    •EPS: N10.2, +434%

    •Loans and advances: N9.29 trillion, +131%

    •Total deposits: N19.6 trillion, +115%

    •Net Assets: N3.19 trillion, 121%

    •Total Assets: N27.5 trillion, +106%

    Commentary:

    Zenith Bank profits was driven by gains in N871.6 billion compared N77.9 billion.

    The company explained that the gains include N123 billion in gains on derivatives compared to N65.2 billion.

    Despite the gains in derivates, Zenith Bank took a major impairment loss of N359.3 billion in the second quarter alone, taking its total impairments to N415.2 billion for the year.

    To put this into perspective, Zenith Bank took an impairment charge of N409.6 billion in the whole of 2023 and just N123.2 billion in 2022

    In terms of segment revenue, Nigeria operations contributed N645.3 billion to group profits while its outside Nigerian operations contributed N81.7 billion billion.

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    Ifetayo Adeniyi
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    Adeniyi Ifetayo Moses is an Entrepreneur, Award winning Celebrity journalist, Luxury and Lifestyle Reporter with Ben tv London and Publisher, Megastar Magazine. He has carved a niche for himself with over 15 years of experience in celebrity Journalism and Media PR.

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