Zenith Bank Head office
<h4>Zenith Bank Grows Gross Earnings By 41% In 2023 Q1</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that Zenith Bank Plc has announced its unaudited results for the first quarter ending 31st March2023, with an exceptional double-digit growth of 41% in Gross Earnings, increasing fromâ¦191.5 billion in Q1 2022 to â¦270 billion in Q1 2023.</p>
<p>The unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 28thApril 2023, indicated that the significant double-digit growth in the top line also boosted the bottom line, with the Group experiencing an impressive 27% year-on-year (YoY) increase in Profit Before Tax (PBT), rising from â¦68 billion in Q1 2022 to â¦86.6 billion in Q1 2023.</p>
<p>Profit After Tax (PAT) also grew by 13% from â¦58.2 billion to â¦66 billion during the same period.The growth in the top line was propelled by substantial increases in both interest income and non-interest income.</p>
<p>Interest income surged by 52% from â¦126.4 billion in Q1 2022 to â¦191.6billion in Q1 2023, while non-interest income expanded by 27% from â¦57.2 billion to â¦72.8billion.</p>
<p>The growth in interest income can be attributed to the impact of risk asset repricing,while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.Regarding efficiency, the cost-to-income ratio improved from 55% to 53.4% in the current period, supported by a bolstered income line.</p>
<p>The cost of risk also moderated from 0.8% to0.7% during the same period due to an enlarged loan book.</p>
<p>However, the cost of funding doubled YoY from 1.3% in Q1 2022 to 2.7% in Q1 2023, owing to a considerable spike in interest rates between both periods as interest expense grew from â¦25.8 billion in Q1 2022 toâ¦70.8 billion in Q1 2023.</p>
<p>This impacted the net interest margin (NIM), which reduced from7.3% to 6.9% over the same period.</p>
<p>Total assets expanded by 9% from â¦12.29 trillion in December 2022 to â¦13.36 trillion in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings.</p>
<p>Customer deposits increased by 2% from â¦8.98 trillion in December 2022 toâ¦9.14 trillion in March 2023.</p>
<p>Loans and advances also experienced marginal growth of 1% from â¦4.12 trillion in December2022 to ⦠4.15 trillion in March 2023 as customers continued to adjust to the full impact of higher rates on risk assets.</p>
<p>Both the capital adequacy and liquidity ratios remained robust at19.5% and 72%, respectively, with both prudential ratios comfortably exceeding regulatory thresholds.</p>
<p>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.</p>
<p>Zenith Bank&#8217;s consistent record of outstanding performance has garnered numerous accolades for the brand, including being acknowledged as the Number One Bank in Nigeria by Tier-1 Capital for the 13th consecutive year in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.</p>
<p>The bank has also received the Bank of the Year (Nigeria) title in The Banker&#8217;s Bank of the Year Awards 2020 and 2022, as well as the Best Bank in Nigeria award for three consecutive years, from 2020 to 2022, in the Global Finance World&#8217;s Best Banks Awards.</p>

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