Zenith Bank becomes Nigerians’ top choice, records N620.6bn gross earnings

thecornetadmin October 27, 2022

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Zenith Bank, the Nigeria’s leading technology-driven, global financial institution, has confirmed its preference among Nigerian banking consumers as it posts impressive gross earning.

The bank, in its released unaudited results for the third quarter of the year (ending September 30), recorded 20 per cent growth in its gross earning.

Compared to the N518.7 billion it reported in the Q3 of 2021, Zenith Bank latest earning for the same period stands at N620.6 billion. However, this was achieved at a higher operating cost of about 17%.

The bank performance indicators shows increased interest income of 27% – from N308.8 billion to N390.8 billion. This, the bank explained, became possible with the growth recorded in risk assets and an improvement in pricing.

The bank added that the interest income growth equally strengthened its Earnings Per Share (EPS) by 9%, putting it at N5.55.

Zenith Bank profit before tax grew from N179.8 billion in Q3 2021 to N202.5 billion in Q3 2022, while its Profit after tax rose by from N160.6 billion to N174.3 billion in the same period.

The bank also recorded a milestone as its Total assets grew by 20%, from N9.45 trillion to N11.34 trillion in 2022. This is mainly driven by growth in customers’ deposits, thereby confirming customers’ fidelity with the bank.

Further proof of growing public approval ratings shows Zenith recording higher customer deposits of 24%, from N6.47 trillion in December 2021 to N8.04 trillion in September 2022.

Loans and advances also grew by 16% from N3.5 trillion in December 2021 to N4.06 trillion in September 2022.

However, Interest Expense increased at a faster rate by 45.6% YoY to N107.8 billion from N74.1 billion in 2021. Impairment charge increased by 28.8% YoY while Operating expenses for the group accelerated by 25.4% YoY to N171.7 billion from N136.9 billion.