Zenith Bank Reaches N2 Trillion Market Capitalization

Zenith Bank Plc’s share price increased by over 4% to N49.2 on the Nigerian Exchange, resulting in a market value exceeding N2 trillion. This surge in demand for the bank’s stock on Thursday was driven by anticipation for the annual general meeting and dividend payment.

According to details obtained from the Nigerian bourse, Zenith Bank’s share price increased by 402 basis points as more than 30.204 million units valued at N1.446 billion exchanged hands in the market.

After the trading, the market value of the bank’s 41.069 billion outstanding shares climbed by  4.02% to close at N2.020 trillion on the trading platform of the Nigerian Exchange.

The mild rally nudged Zenith Bank’s market value near its 52-week high, and some stockbrokers have continued to guide buy ratings on the banking stock ahead of the first-quarter earnings release.

The financial services group board of directors and shareholders will meet on April 29 to consider and approve the 2024 dividend payment. Zenith proposed to pay its shareholders a final dividend of N4 per share, bringing the total distribution to N5 for 2024.

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In 2024, Zenith Bank’s profit before tax expanded by 66.7% year on year to N1.33 trillion. Following the one-off levy on FX revaluation gains, the bank incurred a windfall tax of N63.31 billion, bringing total tax expense for 2024 to N293.96 billion.

Consequently, its profit after tax grew by 52.6% year on year to N1.03 trillion, topping as the most profitable in the tier 1 banking category. ZENITH BANK demonstrated resilience across all financial indicators. A slew of equities analysts said they like that the bank effectively repriced loans in line with the current interest rate environment, resulting in a robust top line.