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Reading: Zenith Bank reports 24% growth in gross earnings for 2022 financial year
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© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Zenith Bank reports 24% growth in gross earnings for 2022 financial year

Farouk Mohammed By Farouk Mohammed Published March 29, 2023
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4 Min Read
Zenith Bank
Zenith Bank
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Zenith Bank Plc, one of Nigeria’s leading financial institutions, has released its audited financial results for the year ending December 31, 2022, revealing a 24% growth in gross earnings from NGN765.6 billion to NGN945.5 billion.

Despite a challenging macroeconomic environment, the bank’s strong performance was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Profit before tax also increased by 2% to NGN284.7 billion due to growth in all income lines.

However, impairments increased by 107% from NGN59.9 billion to NGN124.2 billion, while interest expense grew 63% YoY from N106.8 billion to N173.5 billion, primarily due to Ghana’s sovereign debt restructuring program and hikes in interest rates globally. Despite these challenges, customer deposits increased by 39%, growing from NGN6.47 trillion to NGN8.98 trillion, indicating customers’ trust in the bank. The bank’s Net-Interest-Margin (NIM) also increased from 6.7% to 7.2%, driven by effective repricing of interest-bearing assets.

Zenith Bank’s operating expenses grew by 17% YoY, but the growth remains below the inflation rate. Total assets increased by 30%, growing from NGN9.45 trillion to NGN12.29 trillion, mainly driven by growth in customer deposits. Gross loans also increased by 20% to NGN4.1 trillion in 2022, which increased the Non-Performing Loan (NPL) ratio modestly from 4.2% to 4.3% YoY.

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The capital adequacy ratio decreased from 21% to 19%, while the liquidity ratio improved from 71.2% to 75%. Both prudential ratios are well above regulatory thresholds. In 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.As a testament to its commitment to shareholders, the bank has announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share.

In recognition of its track record of excellent performances, Zenith Bank was recognised 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; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

TAGGED: Zenith Bank
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