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  • Updated: March 29, 2023

Zenith Bank Records N284 Billion Profit

Zenith Bank Records N284 Billion Profit

Zenith Bank Plc has recorded a profit before tax of N284.7 billion for the 2022 financial period.

The bank disclosed this in a statement on Tuesday on its audited results for the year ending December 31, 2022, titled ‘Zenith Bank grows gross earnings by 24 per cent to N945.5bn in 2022’.

The bank's gross earnings grew by 24 per cent from N765.6 billion as of the end of the 2021 financial period to N945.5 billion in the corresponding period of 2022.

As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share.

“According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, the double-digit growth in gross earnings was driven by a 26 per cent year-on-year growth in interest income from N427.6 billion to N540.2 billion and a 23 per cent year-on-year growth in non-interest income from N309 billion to N381billion.

“Profit before tax also grew by two per cent from N280.4 billion to N284.7 billion in the current year.

“The increase in profit before tax was due to the significant growth in all the income lines”, it stated.

During the period under review, customer deposits increased by 39 per cent, growing from N6.47 trillion in the previous year to N8.98 trillion in the current year, while interest expense grew by 63 per cent from N106.8 billion to N173.5 billion.

According to the bank, the growth in customer deposits came from all products and deposit segments (corporate and retail), consolidating the bank’s market leadership and indicating customers’ trust.

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