Zenith Bank Plc has experienced a significant increase in its total assets, rising by 19.21% to N24.28 trillion in the first three months of this year. This marks an 81.75% increase compared to the same period in 2023 when total assets stood at N13.36 trillion.
The bank’s consolidated and separate unaudited financial statements for the period ended March 31, 2024, revealed these figures.
During this period, Zenith Bank’s profit after tax soared to N258.34 billion from N66.01 billion in March 2023, driven by a remarkable surge in gross earnings, which reached N780.62 billion, a 189.12% increase.
In April, Zenith Bank shareholders approved the bank’s restructuring to a holding company during a court-ordered Extraordinary General Meeting held virtually. The restructuring involves transferring ordinary shares from Zenith Bank Plc to Zenith Bank Holding Company Plc in exchange for shares in the HoldCo.
Additionally, shareholders approved the transfer of all shares held by the bank’s nominees in Zenpay Limited, a direct subsidiary of the HoldCo, along with associated rights and liabilities, to the HoldCo.
Source: Business Day