Zenith Bank grows assets by N3.9tn in three months

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.

In 2023, the gross earnings of the bank rose by 125.50 per cent to N2.13tn from N945bn. Similarly, its profit after tax was up to N676.91bn from N223.91bn in 2022, on the back of significant increases in interest and similar income, which rose to N1.14tn from N540bn.

-By Oluwakemi Abimbola

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