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Zenith Bank has confirmed that it is under no pressure to raise additional capital, having already exceeded the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion.
The bank’s Group Managing Director and CEO, Dr. Adaora Umeoji, disclosed this during its Annual General Meeting (AGM) in Lagos, noting that Zenith Bank has reached a 160% capitalisation level, with its capital base rising to N614.65 billion. This milestone followed a successful and significantly oversubscribed hybrid capital raise.
In January 2025, the bank secured N350.46 billion through a rights issue and public offer, comprising: 5.23 billion ordinary shares offered at N36 per share via rights issue and 2.77 billion ordinary shares at N36.50 per share through a public offer
“We have finalised our recapitalisation exercise and have reached 160% capitalisation. We are not under any pressure to go back for the second time to raise money,” Umeoji stated. “Our robust capital structure allows us to continue delivering value to our shareholders.”
Zenith Bank posted a financial performance in 2024: Profit before tax (PBT) jumped 67% to N1.3 trillion, from N796 billion in 2023; Net interest income soared by 135% to N1.7 trillion, from N736 billion; and Non-interest income rose by 20% to N1.1 trillion, up from N919 billion
The growth was attributed to a combination of improved top-line performance and strong treasury portfolio management.
Umeoji reaffirmed the bank’s commitment to rewarding shareholders, pointing to the consistent dividend culture as a mark of sustained value creation.
The CEO also highlighted the rising interest expense, which was linked to the growth in deposits and changes in the Monetary Policy Rate (MPR).
“Our deposit base grew from N15.1 trillion in 2023 to N21.9 trillion in 2024,” Umeoji noted, “which impacted our interest expense and asset repricing.”
She added that the MPR increase—from 18.75% in February 2023 to 27.5% by November 2024—also contributed to changes in deposit interest repayments, especially for savings accounts.
Shareholders expressed satisfaction with the N5.00 final dividend payout and praised the bank’s consistency and service excellence.
“Zenith Bank has maintained professionalism and reliability. The N5 dividend payout was promised and delivered. That reinforces our trust,” said shareholder and customer, Chief Timothy Ayobami Adeshiyan.
Return on Average Equity (ROAE): Declined to 32.5% due to new capital injection
Return on Average Assets (ROAA): Steady at 4.1%
Cost-to-Income Ratio: Increased slightly from 36.1% to 38.9% following inflations
Non-Performing Loan (NPL) Ratio: Held at 4.7%, with a high coverage ratio of 223%, reflecting solid risk management
As Zenith Bank continues to strengthen its capital position and drive revenue growth, its strong fundamentals and consistent dividend policy reinforce its status as one of Nigeria’s top-tier financial institutions.
