ZENITH Bank reported its 2024 second quarter results showing pre-tax profits topped N406 billion in the second quarter of 2024 as forex related gains boosted bottom line.
The profits represent a 370% increase year on year when compared to the N86.8 billion reported a year earlier. Zenith Bank’s profits got a major boost from gains made on its trading books which soared to N871.6 billion for the first 6 months of the year up from N77.9 billion a year earlier.
This helped propel half year pre-tax profits to a whopping N727 billion suggesting Zenith Bank is on track to be the first commercial bank to hit N1 trillion in profits by the end of the year.
Zenith Bank profits was driven by gains in N871.6 billion compared N77.9 billion.
The company explained that the gains include N123 billion in gains on derivatives compared to N65.2 billion.
Despite the gains in derivates, Zenith Bank took a major impairment loss of N359.3 billion in the second quarter alone, taking its total impairments to N415.2 billion for the year.
To put this into perspective, Zenith Bank took an impairment charge of N409.6 billion in the whole of 2023 and just N123.2 billion in 2022
In terms of segment revenue, Nigeria operations contributed N645.3 billion to group profits while its outside Nigerian operations contributed N81.7 billion Zenith Bank declared an interim dividend of N1 per share.
