Zenith Bank Plc's unaudited figures for the first quarter

Zenith Bank Increased By 41% In Q1 N270 Billion

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According to Zenith Bank Plc’s unaudited figures for the first quarter (Q1) ended March 31, 2023, gross earnings increased by an unprecedented 41%, or a double-digit percentage, from N191.5 billion in Q1 2022 to N270 billion in Q1 2023.


According to the unaudited statement of account submitted to the Nigerian Exchange (NGX) yesterday, the Group’s profit before tax (PBT), which increased by an impressive 27% year over year (YoY), increased from N68 billion in the first quarter of 2022 to N86.6 billion in the first quarter of 2023.

Additionally, it demonstrated that during the same period, Zenith Bank’s Profit After Tax (PAT) increased by 13%, from N58.2 billion to N66 billion.

Significant gains in both interest revenue and non-interest income drove the topline growth.
From N126.4 billion in Q1 2022 to N191.6 billion in Q1 2023, interest revenue increased by 52%, while non-interest income increased by 27%, from N57.2 billion to N72.8 billion.

The impact of risk asset repricing may be linked to the increase in interest revenue, whilst loan recoveries and profits from foreign currency revaluation were principally responsible for the rise in non-interest income.
In terms of efficiency, a stronger income line helped to lower the cost-to-income ratio from 55% to 53.4% in the present era.

Due to a larger loan book, the cost of risk also decreased at that time, from 0.8% to 0.7%. However, due to a significant increase in interest rates between the two periods, which resulted in an increase in interest expense from N25.8 billion in Q1 2022 to N70.8 billion in Q1 2023, Zenith Bank’s cost of funding doubled YoY from 1.3 percent in Q1 2022 to 2.7 percent in Q1 2023.

This had an effect on the net interest margin (NIM), which decreased during the same time period from 7.3% to 6.9%.
From N12.29 trillion in December 2022 to N13.36 trillion in March 2023, total assets increased by 9%, mostly due to increases in client deposits and other financing sources including borrowings.

As a consequence of the review period, client deposits at Zenith Bank grew by 2%, from N8.98 trillion in December 2022 to N9.14 trillion in March 2023.


As customers continued to adjust to the full effects of higher rates on risk assets, loans, and advances also saw a marginal growth of 1% from N4.12 trillion in December 2022 to N4.15 trillion in March 2023.
At 19.5% and 70%, respectively, the capital adequacy and liquidity ratios both remained strong, comfortably exceeding regulatory thresholds in both cases.

“In 2023, the Group will maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers,” the bank stated.


The brand has received various honors as a result of Zenith Bank’s consistently excellent performance, including recognition as Nigeria’s top bank for the 13th year running by Tier-1 Capital in The Banker Magazine’s 2022 Top 1000 World Banks Ranking.

The bank also won the Bank of the Year (Nigeria) honor at the Banker’s Bank of the Year Awards in 2020 and 2022, as well as the Best Bank in Nigeria honor in the Global Finance World’s Best Banks Awards for three consecutive years, from 2020 to 2022.

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