The stock price of Zenith Bank Plc increased to N41.00 per share on Thursday, reaching its peak on the floor of the Nigerian Exchange Limited (NGX).
The price of Zenith Bank’s stock closed in 2023 at N38.65 per share and it has gained N2.35 or 6.08 per cent in just three days of 2024 to close at N41.00 per share.
Investors in Zenith Bank in 2023 reaped a yield of 61.04 percent when its stock price appreciated to N38.65 per share from N24.00 per share it opened for trading.
With the new price, Zenith Bank hit N1.29 trillion in market capitalisation, the highest in the banking sector, followed by Guaranty Trust Holding Company Plc which closed on Thursday with N1.24 trillion in market capitalisation.
The key driver of Zenith Bank stock on the NGX is the impressive third quarter (Q3) which ended September 2023 and put the lender ahead of others as the most profitable bank in Nigeria.
In the period under review, Zenith Bank recorded the highest profit before tax, growing its PBT to N505.04 billion in Q3 2023, representing an increase of 149 percent from N202.55 billion reported in Q3 2022. Profit after tax also grew by 149 percent from N174.3 billion to N434.2 billion in the same period.
The Group achieved year-on-year (YoY) growth in gross earnings of 114 percent from N620.6 billion reported in Q3 2022 to N1,329 billion in Q3 2023.
This triple-digit growth in the topline also enhanced our bottom line as the Group recorded a 149 percent YoY increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.
The growth in the topline arose from both interest income and non-interest income. Interest income grew in the current period by 72 per cent to 670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent from N212 billion to N607.2 billion.
The financial institution was named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023.
The award underscores the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions.
Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria. This accolade serves as a validation of Zenith Bank’s trail-blazing initiatives in integrating advanced technology within Nigeria’s financial services sector. Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”
Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, for his visionary approach to integrating technology into banking, establishing an exemplary model for service delivery at a time when the potential of technology in banking was yet to be fully realised.
Onyeagwu remarked, “Technology now stands as the cornerstone of the financial services sector.” He extended heartfelt thanks to the bank’s clientele for their loyal patronage, to the board for their guidance, and to the staff for their unwavering dedication to building a formidable financial institution.
Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to banks and bankers who matter. Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, a unique customer experience and sound financial indices. The bank has remained a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed, and safety of transactions.
The bank’s track record of excellent performance has earned the brand numerous awards, including being listed in the World Finance Top 100 Global Companies in 2023; and being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; and the Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023.
Other awards garnered by the bank in recent years include Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance and Financial Services Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
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