Business
Zenith Bank Sustains Market Leadership with 189% Growth in Q1 Earnings
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Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.
From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.
Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%.The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.
The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.
The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported inQ1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year(YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.
Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11%from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.
The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024,Capital Adequacy Ratio (CAR) andLiquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.
The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and alsotransitions into a holding company, it remains poised to maximise value for all stakeholders.
Business
Pan-African Bank Empowers Students with Digital Skills on 14th Ecobank Day
Ecobank Nigeria has commemorated the 14th edition of Ecobank Day, its flagship Group-wide Corporate Social Responsibility (CSR) initiative, across four regions of the country, reaffirming its commitment to empowering communities through education and digital inclusion.
The selected schools include: Hope Fountain Foundation for the Deaf, Agege, Lagos; Ibadan School for the Deaf, Ibadan; Special Secondary School for the Deaf, Odakpu, Onitsha, and Kaduna State Special Education School, Kaduna.
This year’s Ecobank Day was celebrated under the theme, “Digital Education,” with a focus on equipping persons with disabilities and young people with essential digital skills that can enhance their educational, personal, and career development in today’s technology-driven world.
The initiative underscores Ecobank’s commitment to extending its impact beyond banking by helping to equip Africa’s youth with the digital and artificial intelligence (AI) skills required to succeed in the future economy.
As part of the programme, Ecobank employees visited selected schools across the four regions, where they conducted digital literacy sessions and donated learning materials and educational resources to support students’ development and prepare them to thrive in an increasingly digital world.
Speaking during the commemoration, the Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal said: “It is a pleasure to join you today as we commemorate the 14th edition of Ecobank Day, our Group-wide Corporate Social Responsibility initiative dedicated to creating meaningful impact across the communities we serve. “Ecobank Day reflects our commitment to being more than a bank. It demonstrates our dedication to empowering people and contributing to sustainable development across Africa.”
Bolaji noted that digital education has become increasingly important in bridging knowledge gaps and creating opportunities for young people, particularly those living with disabilities, enabling them to participate fully in today’s digital economy.
School proprietors and administrators who participated in the programme commended Ecobank for the initiative, describing it as a timely intervention that will help broaden students’ access to digital knowledge and opportunities.
They expressed appreciation to the Bank for investing in the future of young people and supporting inclusive education within their communities.
For 14 years, Ecobank Day has served as an annual platform for Ecobank employees across Africa to give back to society through impactful volunteer activities that address critical social challenges.
The initiative continues to demonstrate the Bank’s dedication to fostering sustainable development and creating lasting positive change across the communities where it operates.
Business
Double Honours As Fidelity Bank, Onyeali-Ikpe Win at 2026 BAFI Awards
Fidelity Bank Plc has won two honours at the 2026 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
The bank’s Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, received the Award for Excellence in Banking Leadership, while Fidelity Bank was named Best Bank in Oil and Gas Financing.
The awards were presented at the 14th BAFI Awards held recently at the Civic Centre, Victoria Island, Lagos.
According to BusinessDay Media Limited, the leadership award recognises banking executives who have delivered institutional growth, strengthened shareholder value, promoted innovation and inclusion, and contributed to the development of Nigeria’s financial services sector.
Onyeali-Ikpe thanked the organisers and dedicated the award to Fidelity Bank’s customers, board, management and employees.
“I am deeply honoured to receive the Award for Excellence in Banking Leadership. I sincerely thank BusinessDay Media Limited for this recognition and dedicate it to our valued customers, whose trust and support have strengthened and inspired me throughout my career.
“The African philosophy of Ubuntu teaches us, ‘I am because we are.’ In that spirit, this honour also belongs to the board, management and staff of Fidelity Bank Plc, whose dedication and professionalism continue to drive our vision of a stronger, more innovative and customer-focused financial institution,” she said.
Onyeali-Ikpe has more than three decades of banking experience spanning retail, corporate and commercial banking, treasury and business development. Since becoming the Chief Executive Officer, she has led Fidelity Bank through sustained growth and an expansion of its international operations, including the acquisition of the former Union Bank UK, now FidBank UK Limited.
The Best Bank in Oil and Gas Financing award recognised Fidelity Bank’s support for projects across Nigeria’s energy value chain.
The bank financed the development of an onshore crude oil export terminal at the Otakikpo Marginal Field in Rivers State. It also supported the Pinnacle Oil and Gas Terminal in Lekki and part-financed a 23,000-cubic-metre liquefied petroleum gas carrier for Temile Development Company Limited.
Fidelity Bank also participated in the $3bn SNEPCo Contractor Finance Facility, which provides naira and dollar financing to indigenous contractors working on SNEPCo projects.
The projects are expected to strengthen local participation, petroleum product distribution, gas availability and critical energy infrastructure.
The two awards underscore Fidelity Bank’s growing profile in the financial services industry and its role in financing sectors critical to Nigeria’s economic development.
Business
NEC 2026: UBA Offers N41m in Grants to Nigerian Students
The United Bank for Africa (UBA) is poised to give five young Nigerians a shot at getting a share of N41million in educational grants towards their university education.
The Bank, through UBA Foundation National Essay Competition (NEC), is the much talked about life changing opportunity and it is back for with the 16th edition, and this year, with even more reason for young writers to put pen to paper and change their lives in the process.
Previously, there was a lot of talk around education not given priority or due reward as against reality shows or ephemeral activities. Now that talk is gone with the wind.
The UBA annual competition is designed to give senior secondary school students across Nigeria a platform to express their ideas, showcase their writing and critical thinking skills, which will see the top five finalists, receive financial support throughout their university education.
Most importantly, the prize pot has just gotten bigger as the first-place winner will receive a N15 million university grant, while the second and third-place winners will receive N10 million and N7.5 million respectively. It gets even more rewarding as the fourth and fifth-place winners – introduced for the first time ever in the competition – will also receive N5 million and N3.5 million each.
Participants will be expected to tackle a question that directly affects Nigeria’s future: “No nation can develop without food security. How can Nigeria deal with this problem?” That means this is a chance not just to write, but to think, question, and propose practical ideas for a challenge that affects everyone.
The opportunity is open to Nigerian every senior secondary school student.
According to a statement made available to this medium, applications close Friday, October 23, 2026.
The essay is expected to be handwritten and in not more than 750 words, with applications submitted through the competition’s digital portal, https://www.ubagroup.com/nec/






