Key Performance Metrics

• Net Profit Margin continued an upward trend, improving from 31.7% in 2023 to 33.2% in 2024, reflecting strengthened operational efficiency.

• EBIT Margin averaged 35.6% over the period, with 2022 performing best and 2020 showing the lowest margin, indicating improved cost efficiency.

• The Interest Coverage Ratio (ICR) rose to 5.1 times in 2024, compared to 4.9 times in 2023 and 4.3 times in 2019, highlighting stronger debt-servicing capability.

• Asset Turnover stood at 0.12 times in 2024, up from 0.10 times in 2023 and 0.05 times in 2019, showing improved revenue generation from assets.

Profitability

• Revenue exhibited sustained growth:
  o 2020–2021: +5.2%
  o 2021–2022: +12.8%
  o 2022–2023: +125%
  o 2023–2024: Revenue surpassed ₦2.72 trillion, marking the highest annual increase to date.
• Profit Before Tax (PBT) grew by 67%, rising from ₦795.96 billion in 2023 to ₦1.32 trillion in 2024, indicating impressive earnings expansion.

Liquidity

• Loan-to-Deposit Ratio improved slightly from 0.45:1 in 2023 to 0.46:1 in 2024, ensuring adequate assets to cover short-term obligations.
• Customer deposits reached ₦22 trillion, reinforcing the bank’s strong liquidity position.

Capital Structure

• Zenith Bank maintains a balanced financing approach, utilizing both equity and debt.
• Debt-to-Equity (D/E) Ratio declined to 46% in 2024 from 49% in 2023, indicating a lower reliance on debt financing.

Source: Zenith Annual Report