Zenith Bank Plc has reported impressive financial results for the third quarter ending September 30, 2024, showcasing a triple-digit growth of 118% in gross earnings, which surged from ₦1.33 trillion in Q3 2023 to ₦2.9 trillion in Q3 2024.

This significant performance highlights the bank's resilience and market leadership despite ongoing macroeconomic challenges, according to a statement released by the bank.

The unaudited results, submitted to the Nigerian Exchange Limited (NGX), revealed that profit before tax nearly doubled, increasing by 99% from ₦505 billion in Q3 2023 to ₦1 trillion in Q3 2024. Profit after tax also saw a substantial rise of 91%, climbing from ₦434.2 billion to ₦827 billion over the same period.

Key drivers of this growth included a remarkable 190% increase in interest income, which reached ₦1.95 trillion, attributed to a favorable high-yield environment.

Additionally, non-interest income rose by 41% to ₦856 billion, reflecting strong performance in fees and commissions and the robust growth of Zenith Bank's retail and digital channels.

The bank's balance sheet demonstrated significant expansion, with total assets increasing by 49% to ₦30.4 trillion, largely supported by customer deposits that grew by 42% to ₦21.6 trillion.

This deposit growth was broad-based across both corporate and retail segments, indicating deepening customer loyalty. Gross loans also rose by 46%, reaching ₦10.3 trillion, showcasing Zenith Bank's commitment to supporting strategic sectors within the economy.

Zenith Bank maintained a strong capital adequacy ratio of 21.9%, surpassing regulatory requirements. The return on average equity improved to 37.8%, while return on average assets increased to 4.3%.

The cost of funds rose to 4.3%, reflecting broader market trends of increasing interest rates, but the cost of risk remained stable at 7.3%, demonstrating proactive credit risk management.