Zenith Bank Plc released its 2023FY results yesterday which showed that the bank maintained its strong performance throughout the year as the group’s profit before tax increased by 202.3% y/y to NGN795.96 billion. Likewise, PAT settled 202.3% y/y higher at NGN676.91 billion.
The bank recorded a 125.4% y/y growth in gross earnings, while profit-after-tax settled 202.3% higher y/y.
The performance was supported by balanced growth across income lines as funded and non-funded income surged by 111.9% y/y and 141.2% y/y, respectively.
In addition, the board proposed a final dividend of NGN3.50/s (2022FY: NGN2.90/s), which equates to a dividend yield of 7.6% (ex-WHT) based on the last closing price of NGN41.55/s (8 April).
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Interest income grew to NGN1.14 trillion in 2023FY, driven by a combination of significant growth in earning assets (+50.8% y/y) – primarily supported by loans and advances to customers expansion by 63.4%y/y to NGN6.56 trillion – and improved yield-on-assets (7.6% vs 2022FY: 5.4%).
Consequently, the bank recorded significant growth in income from loans and advances to customers (+81.4% y/y to NGN671.92 billion), while the increase in income from investment securities (+148.3%y/y to NGN390.93 billion) was also supportive of funded income generation.
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