Zenith Bank Records N270 Billion Gross Earnings

Zenith Bank Plc recorded a 41 per cent increase in gross earnings from N191.5 billion in the first quarter of 2022 to N270 billion in Q1 2023.

The bank revealed this in its unaudited results for the first quarter ending March 31, 2023, which was released on Friday.

The unaudited statement also disclosed that the bank also recorded a 27 per cent year-on-year increase in profit before tax from N68 billion in Q1 2022 to N86.6 billion in Q1 2023, while profit after tax also grew by 13 per cent from N58.2 billion to N66 billion during the same period.

According to the bank, the growth in gross earnings was propelled by substantial increases in both interest income and non-interest income. Interest income rose by 52 per cent from N126.4 billion in Q1 2022 to N191.6 billion in Q1 2023, while non-interest income expanded by 27 per cent from N57.2 billion to N72.8 billion.

Also, total assets expanded by nine per cent from N12.29 trillion in December 2022 to N13.36 trillion in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings, while Customer deposits increased by two per cent from N8.98 trillion in December 2022 to N9.14 trillion in March 2023.