Zenith Bank’s gross earnings rise to N620.6bn, Group’s operating costs hit N171.7bn

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2022, recording a growth of 20% in gross earnings from N518.7 billion reported in Q3 2021 to N620.6 billion in Q3 2022. However, its operating costs grew by 17%.

According to the unaudited account presented to the Nigerian Exchange (NGX), the growth in the topline was driven by interest and non-interest income growth. Interest income grew by 27% from N308.8 billion to N390.8 billion, driven majorly by growth in risk assets and an improvement in pricing. This also strengthened Earnings Per Share (EPS) by 9% to N5.55.

Concession: FG announces preferred bidder for Abuja, Lagos, Kano airports

Islamic Devt Bank expresses concern over high number of out-of-school children in Northern Nigeria

The Group also recorded a 13% year-on-year (YoY) increase in profit before tax, growing from N179.8 billion in Q3 2021 to N202.5 billion in Q3 2022. Profit after tax equally grew by 9% from N160.6 billion to N174.3 billion in the same period.

Total assets grew by 20% from N9.45 trillion to N11.34 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 24% from N6.47 trillion in December 2021 to N8.04 trillion in September 2022.

Loans and advances also grew by 16% from N3.5 trillion in December 2021 to N4.06 trillion in September 2022.

However, Interest Expense increased at a faster rate by 45.6% YoY to N107.8 billion from N74.1 billion in 2021. Impairment charge increased by 28.8% YoY while Operating expenses for the group accelerated by 25.4% YoY to N171.7 billion from N136.9 billion.