Zenith Bank reports N3.9tn growth in Q1 2024

Date:

May 6, 2024.

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Azonuchechi Chukwu.

Zenith Bank Plc, one of Nigeria’s leading banks, released its unaudited financial results for Q1 2024.

The total assets of Zenith Bank Plc have increased by 19.21 per cent or N3.91tn in the first three months of this year to N24.28tn.

When compared to the first quarter of 2023, the banking group has recorded an 81.75 per cent rise in its total assets, which stood at N13.36tn as of March 2023.

This was disclosed in its consolidated and separate unaudited financial statements for the period ended 31 March 2024 filed with the Nigerian Exchange Limited.

During this period, Zenith Bank’s profit after tax rose to N258.34bn from N66.01bn in March 2023, driven by gross earnings, which surged by 189.12 per cent to N780.62bn.

In April, Zenith Bank shareholders approved its restructuring to a holding company during a court-ordered Extraordinary General Meeting held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos.

By the Scheme of Arrangement dated March 28 2024, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc (the HoldCo) in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the Bank.

The shareholders have given their approval for the transfer of all the shares held by the bank’s nominees in Zenpay Limited, which is a direct subsidiary of the HoldCo. This includes all the rights and liabilities associated with these shares, which will now be transferred to the HoldCo.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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