Zenith Bank increases earnings by 24% to N945.5bn

By -

*Zenith Bank Plc corporate headquarters, Lagos


(Nigeria) Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving double-digit growth in gross earnings, hitting N945.5 billion, up 24 percent from N765.6 billion reported in the previous year.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, NGX, the growth was driven by a 26 percent year-on-year (YoY) growth in interest income which rose to N540.2 billion from N427.6 billion and a 23 percent year-on-year (YoY) growth in non-interest income to N381 billion from N309 billion.

Profit before tax grew by 2.0 percent to N284.7 billion from N280.4 billion. The bank recorded 107 percent growth in impairments which rose to N124.2 billion from N59.9 billion, while interest expense grew 63 percent YoY to N173.5 billion from N106.8 billion.

The impairment growth, which also resulted in an increase in the cost of risk (from 1.9% in 2021 to 3.3% in the current year), was due to the impact of Ghana's sovereign debt restructuring programme.

The growth in interest expense increased the cost of funds from 1.5% in 2021 to 1.9% in 2022 due to hikes in interest rates globally.

Customer deposits increased by 39%, growing from NGN6.47 trillion in the previous year to NGN8.98 trillion in the current year. The growth in customer deposits came from all products and deposit segments (corporate and retail), thus consolidating the bank’s market leadership and indicating customers' trust.

In 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.


Comments

Post a Comment

Popular posts from this blog

UBTH @50: Obaseki hails institution’s role in strengthening Edo healthcare

By -
Image
(Nigeria) Governor Godwin Obaseki of Edo State, has commended the staff and management of the University of Benin Teaching Hospital, UBTH, for their unwavering commitment, dedication, and hard work in providing high-quality healthcare services to the people of Edo State and Nigeria in the past fifty years. Obaseki, at a dinner organized in honour of the Committee of Chief Medical Directors of Nigeria, at the Government House, Benin City, reassured the government’s continuous partnership and collaboration with the federal government-owned health institution to strengthen the health system and ensure quality health delivery to Edo people. The governor, who was represented by his deputy, Philip Shaibu, reeled out the gains of the government’s reforms in the health sector, commending the medical centre for bolstering the government’s efforts at transforming Edo State into a health hub. He said, "We came into a wilderness where you have to cut a part for yourself and fix it. We held
Read more

NBC has no powers to impose fine on broadcast stations --Court

By -
Image
(Nigeria) The National Broadcasting Commission, NBC, has been restrained by a Federal High Court sitting in Abuja, from imposing fines on broadcast stations in the country. Trial judge in the matter, Justice James Omotosho also set aside the N500,000 fines imposed on March 1, 2019, on each of 45 broadcast stations. The court made the orders in its judgment a suit by the Incorporated Trustees of Media Rights Agenda, MRA, which had sued the NBC. Justice Omotosho held that the NBC, not being a court of law, had no power to impose sanctions as punishment on broadcast stations. The court further held that the Nigeria Broadcasting Code, which gives the commission the power to impose sanction, is in conflict with Section 6 of the Constitution that vested judicial power in the court of law. He said the court would not sit idle and watch a body imposing fine arbitrarily without recourse to the law. He said that the commission did not comply with the law when it sat as a complainant and at
Read more