Zenith Bank’s Gross Earnings grows by 22% in Q1 2022
Zenith Bank Plc has announced a 22 percent growth in its unaudited results for the first quarter ended 31st March 2022 with Gross Earnings growing from N157.3 billion as reported in Q1 2021 to N191.5 billion in Q1 2022.
Presenting its unedited bank accounts to the Nigerian Exchange (NGX) yesterday, the Group declared an 11% Year-on-Year (YoY) increase in profit before tax, growing from N61.02 billion in Q1 2021 to N67.99 billion in Q1 2022.
Profit after tax also witnessed a growth of 10%, from N53.06 billion to N58.19 billion over the same period. The stated further that its interest income grew by 25%, from N101.12 billion in Q1 2021 to N126.38 billion in Q1 2022, while non-interest income grew by 12%, from N51.20 billion to N57.23 billion.
The growth was attributed to the combined effects of an improvement in interest income on loans and advances and an improvement in non-interest income as evinced y the astute deployment of retail strategy leading to the acquisition of more customers and expansion of its electronic banking income resulting from the increased volume of transactions across all channels.
Total assets grew by 9% from N9.45 trillion to N10.32 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 12%, from N6.47 trillion in December 2021 to N7.25 trillion in March 2022. Savings account balance, which is solely retail grew by over N68 billion 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 N3.5 trillion in December 2021 to N3.7 trillion in March 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. This development also helped to boost the net interest margin (NIM), as it improved from 6.0% in March 2021 to 7.3% in the current period, while the capital adequacy ratio improved slightly from 21.1% to 22.1%.
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