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  • Business - Companies
  • Updated: April 29, 2022

Zenith Bank Plc Records N191.5 Billion Earnings In Q1 2022

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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Zenith Bank Plc’s earnings rose from N157.3bn in the first quarter of 2021 to N191.5bn in Q1, 2022 which implies that the bank’s gross earnings rose by 22 percent in the first quarter of 2022

This was revealed in a statement on the bank’s unaudited results for the first quarter ended March 31, 2022.

According to the unaudited statement of account presented to the Nigerian Exchange on Thursday, the strong double-digit growth in the topline led to an increase in the bottom line, as the group recorded an 11 percent year-on-year increase in profit before tax, growing from N61.02bn in Q1, 2021 to N67.99bn in Q1 2022.

After tax, profit grew by 10 percent, from N53.06bn to N58.19bn over the same period. The topline growth grew from both interest income and non-interest income.

Interest income grew from N101.12bn in Q1 2021 to N126.38bn in Q1 2022, which indicates a 25% increase while non-interest income grew by 12 percent from N51.2bn to N57.23bn.

“The growth in interest income and non-interest income arose from the combined effects of an improvement in interest income on loans and advances (as risk assets continue to grow and pricing is gradually improving) and an improvement in non-interest income as the bank continues to deploy its retail strategy, thereby acquiring more customers and expanding its electronic banking income from the increased volume of transactions across all its channels,” the statement said.

Total assets grew from N9.45tn to N10.32tn in 2022, which indicates a nine percent increase that was mainly driven by growth in customer deposits.

The customer deposits grew by 12 percent, from N6.47tn in December 2021 to N7.25tn in March 2022.

‘’Savings account balance, which is solely retail, grew by over N68bn and was a validation of the robust customer acquisition strategy and versatile electronic platforms and digital channels’’, the statement said.

Loans and advances also grew by six percent, from N3.5tn in December 2021 to N3.7tn in March 2022, boosting the Group’s interest income and displaying its appetite for high-yielding risk assets creation. 

“Going into the remainder of 2022, the group will continue to focus on sustainable growth across all its business segments and deploy technology platforms and digital assets intuitively to serve its various customers’ needs to deliver enhanced returns to its stakeholders,” the statement said.

 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

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