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

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*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.


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