Zenith Bank Plc, a leading African financial institution, has announced a remarkable triple-digit growth of 189% in Gross Earnings, soaring from \u20a6270 billion in Q1 2023 to \u20a6781 billion in Q1 2024, according to its unaudited financial results for the first quarter ending March 31, 2024. This significant achievement comes amidst a challenging operating environment and a tightening monetary policy stance in the country.<\/p>\n
The robust growth in topline performance also translated into impressive bottom-line figures, with Profit Before Tax (PBT) surging to \u20a6320 billion in Q1 2024, marking a staggering 270% increase from the \u20a687 billion reported in Q1 2023. Similarly, Profit After Tax (PAT) witnessed substantial growth, soaring by 291% from \u20a666 billion in Q1 2023 to \u20a6258 billion in the current period.<\/p>\n
The surge in Gross Earnings can be largely attributed to both interest and non-interest income. Interest income witnessed a remarkable 155% increase, rising from \u20a6192 billion in Q1 2023 to \u20a6489 billion in the corresponding period of 2024. This growth is primarily attributed to the repricing of risk assets due to the increased Monetary Policy Rate (MPR) by the central bank, currently standing at 24.75%.<\/p>\n
Despite the impressive performance, the bank reported an impairment charge of \u20a656 billion for Q1 2024, up from \u20a68 billion recorded in Q1 2023. This increase is mainly attributed to the significant growth in risk assets, primarily driven by the revaluation of its USD loans, necessitating additional impairment on the bank\u2019s foreign currency-denominated loans.<\/p>\n
Furthermore, the cost of funds increased by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment. However, net interest margin (NIM) grew by 20%, reaching 8.3% in the current period compared to 6.9% in the corresponding period of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Zenith Bank Plc, a leading African financial institution, has announced a remarkable triple-digit growth of 189% in Gross Earnings, soaring from \u20a6270 billion in Q1 2023 to \u20a6781 billion in Q1 2024, according to its unaudited financial results for the first quarter ending March 31, 2024. This significant achievement comes amidst a challenging operating environment […]<\/p>\n","protected":false},"author":27,"featured_media":30279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-30278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30278","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=30278"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30278\/revisions"}],"predecessor-version":[{"id":30285,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/30278\/revisions\/30285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/30279"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=30278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=30278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=30278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}