Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2022, with gross earnings N191.5 billion in the period.
This was a 22 per cent rise from the N157.3bn the bank reported in Q1 2021. From the unaudited statement of account presented to the Nigerian Exchange (NGX) on Thursday, the Group recorded an 11% Year-on-Year (YoY) increase in profit before tax, growing from N61.02bn in Q1 2021 to N67.99bn in Q1 2022.
Profit after tax also grew by 10%, from N53.06bn to N58.19bn over the same period. The growth in the topline arose from both interest income and non-interest income.
Interest income grew by 25%, from N101.12bn in Q1 2021 to N126.38bn in Q1 2022, while non-interest income grew by 12%, from N51.20bn to N57.23bn.
Total assets grew by 9% from N9.45 trillion to N10.32tr in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 12%, from N6.47tr in December 2021 to N7.25tr in March 2022. Savings account balance, which is solely retail, grew by over N68bn and is a validation of the robust customer acquisition strategy and versatile electronic platforms and digital channels.
Loans and advances also grew by 6%, from N3.5tr in December 2021 to N3.7tr in March 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation
Zenith Bank’s track record of excellent performance has earned the brand numerous awards, including being voted as Best Bank in Nigeria in the Global Finance World’s Best Banks Awards, for three consecutive years from 2020 to 2022, Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance’ Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.
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