Reliable Zenith Bank targets $700m profit in 2024

Before being settled out of court, Femi Otedola, the chair of FBN Holdings and majority owner of Geregu Power, and some of his companies are up in arms against Zenith Bank over a controversial debt involving his former company, Zenon Petroleum & Gas and some other firms in which he has interests.

Although, the matter has been reportedly settled out of court, while Zenith Bank aims to surpass $700 million in profit by year-end, buoyed by a record-breaking 2023 and a strong Q1.

CEO Adaora Umeoji outlines plans to expand into French-speaking Africa, launch fintech subsidiary ZenPay, and complete a $143.33-million recapitalization.

Zenith Bank prioritizes digital transformation and financial inclusion to boost customer reach and drive new revenue streams.

Zenith Bank Plc, a Lagos-based financial services group led by Nigeria’s richest banker Jim Ovia, is aiming for a record N1-trillion ($700 million) profit in 2024, building on a stellar 2023 and strong first quarter, Chief Executive Officer Adaora Umeoji said.

Umeoji, who assumed the role in June, outlined a strategic roadmap to achieve the profit goal, including expanding into French-speaking Africa, launching a fintech subsidiary named ZenPay, and completing a N230-billion ($143.33 million) recapitalization.

The bank reported a 202.3-percent surge in profit to N676.91 billion ($522.03 million) in 2023. The momentum carried over into the first quarter of 2024, with profit jumping 291.35 percent year-over-year to N258.34 billion ($188.83 million) from N66.01 billion ($48.25 million).

Building on its impressive financial performance in recent times, Umeoji highlighted Zenith Bank’s commitment to delivering value to shareholders, underpinned by its strong leadership, robust corporate culture, and cutting-edge technology.

Zenith Bank is prioritizing digital transformation and financial inclusion. The lender plans to leverage technology to expand its corporate and retail banking footprint, potentially through innovative digital platforms. The launch of ZenPay underscores its commitment to fintech and its potential to drive new revenue streams.