Zenith Bank declares N405 billion half-year earnings, N7.15 trillion customer deposits

Zenith Bank has declared N405 billion as its 2022 half-year earnings, as against N346 billion it recorded about the same time last year. This bank stated this in its audited half-year financial results the bank, which it presented to the Nigerian Exchange (NGX) on Tuesday, 23rd August 2022.

The bank attributed the development to N42billion increase in

its interest income, and another N22billion in its non-interest income. Zenith bank also said the increase in its loan book and improved interest margins are responsible for the increase interest income. For its non-interest income, the banks cited its income diversification strategy.

Other growth factors are Profit before tax (NGN130 billion); Earnings per share (EPS) (NGN3.55); increase in total customer deposits (NGN7.15 trillion); retail deposits (NGN2.13 trillion); fees on electronic products (NGN25 billion).

The bank added that cost of funds increased only marginally from 1.3% in June 2021 to 1.4% in June 202, explaining that the increase in the cost of funds was lower than the increase in yields on interest-generating assets. The bank’s total assets rose to NGN10.12 trillion; risk assets, at NGN3.7 trillion; NPL ratio of 4.4% (FYE 2021: 4.2%).

Zenith bank says it is committed to advancing its digital banking strategy, given its “strong technology base”.

“We expect this to drive improved performance and deliver enhanced returns to stakeholders,” says the bank.

Laurels won by the bank for its excellent performance include being rated the ‘Number One Bank in Nigeria by Tier-1 Capital for the 13th consecutive year in the 2022 by the Top 1000 World Banks Ranking, published by The Banker Magazine. Others are ‘Best Bank in Nigeria’, for three consecutive years (2020 to 2022); ‘Best Commercial Bank; ‘Best Corporate Governance Bank; ‘Best in Corporate Governance ‘Financial Services’ Africa’; ‘Best Commercial Bank, Nigeria and Best Innovation In Retail Banking’.

Also, the bank emerged the ‘Most Valuable Banking Brand in Nigeria’; ‘Bank of the Year (Nigeria)’; ‘Retail Bank of the year’;’ Bank of the Decade’, among others.