In their latest audited report for the fiscal year concluding in 2023, Zenith Bank Plc reveals an extraordinary triple-digit growth of 125%, surging from an initial gross earning of NGN 5.6 billion in 2022 to an impressive NGN 2.132 trillion.<\/p>\n
Presented to the Nigerian Exchange (NGX), the financial report showcases a remarkable Year-on-Year (YoY) surge of 180% in Profit Before Tax (PBT), soaring from NGN 284.7 billion in 2022 to NGN 796 billion in 2023.<\/p>\n
Moreover, Profit After Tax (PAT) mirrors this exceptional growth trajectory, registering a triple-digit surge of 202% from NGN 223.9 billion to NGN 676.9 billion by the end of December 31, 2023.<\/p>\n
This remarkable escalation in gross earnings is primarily attributed to the expansion in both interest and non-interest income streams. Interest income witnesses a staggering 112% increase from NGN 540 billion in 2022 to NGN 1.1 trillion in 2023. Concurrently, non-interest income experiences a robust growth of 141%, ascending from NGN 381 billion to NGN 918.9 billion within the same period.<\/p>\n
The surge in interest income is credited to the expansion in the size of risk assets and their effective repricing, complemented by the rise in the yield of other interest-bearing instruments throughout the year. Additionally, the growth in non-interest income is propelled by substantial trading gains and an uptick in gains from the revaluation of foreign currencies.<\/p>\n
While the cost of funds escalates from 1.9% in 2022 to 3.0% in 2023 due to the prevailing high interest rate environment, interest expense swells by 135% from NGN 173.5 billion in 2022 to NGN 408.5 billion in 2023.<\/p>\n
Despite a 32% surge in operating expenses during 2023, the Group’s cost-to-income ratio witnesses a significant improvement from 54.4% in 2022 to 36.1% in 2023, buoyed by enhanced top-line performance. Return on Average Equity (ROAE) leaps by 118% from 16.8% in 2022 to 36.6% in 2023, driven by augmented gross earnings, as the Group strives to deliver superior shareholder returns. Simultaneously, Return on Average Assets (ROAA) experiences a robust growth of 95%, ascending from 2.1% to 4.1% during the same period.<\/p>\n
Zenith Bank solidifies its market leadership in pivotal corporate and retail deposit segments, witnessing a substantial 69% surge in customer deposits from NGN 9.0 trillion to NGN 15.2 trillion in 2023.<\/p>\n
The bank’s relentless focus on retail banking continues to yield dividends, with retail deposits now constituting 46% of total deposits (as compared to 44% in 2022) and growing by 77% from NGN 3.97 trillion in 2022 to NGN 7.04 trillion in 2023, further reinforcing increased customer trust in the Zenith brand.<\/p>\n
Total assets witness a commendable 66% increase from NGN 12.3 trillion in 2022 to NGN 20.4 trillion in 2023, primarily propelled by the expansion in total deposits and the revaluation of foreign currency deposits.<\/p>\n","protected":false},"excerpt":{"rendered":"
In their latest audited report for the fiscal year concluding in 2023, Zenith Bank Plc reveals an extraordinary triple-digit growth of 125%, surging from an initial gross earning of NGN 5.6 billion in 2022 to an impressive NGN 2.132 trillion. Presented to the Nigerian Exchange (NGX), the financial report showcases a remarkable Year-on-Year (YoY) surge […]<\/p>\n","protected":false},"author":27,"featured_media":26967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-26966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26966"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26966\/revisions"}],"predecessor-version":[{"id":26975,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26966\/revisions\/26975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26967"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}