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Zenith Bank’s H1 2023 Financial Report Reveals Impressive Triple-Digit Growth
Zenith Bank’s H1 2023 Financial Report Reveals Impressive Triple-Digit Growth....KINDLY READ THE FULL STORY HERE▶
In its recently disclosed audited results for the first half of 2023, Zenith Bank Plc has showcased remarkable resilience and market dominance, achieving an astonishing 139% surge in gross earnings from N404.8 billion in H1 2022 to N967.3 billion in H1 2023. This growth comes amid challenging macroeconomic conditions and ongoing headwinds.
The bank’s audited half-year financial results, presented on September 11, 2023, to the Nigerian Exchange (NGX), unveiled not only a triple-digit increase in gross earnings but also an impressive 169% Year-on-Year (YoY) boost in profit before tax, rising from N130 billion in H1 2022 to N350.4 billion in H1 2023. Profit after tax also experienced triple-digit growth, surging by 162% from N111.4 billion to N291.7 billion during the same period.
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The surge in gross earnings was attributed to both interest income and non-interest income, with interest income growing by 72% from N241.7 billion in H1 2022 to N415.4 billion in H1 2023. Meanwhile, non-interest income witnessed an impressive 246% growth, rising from N149 billion to N515.7 billion. The growth in interest income was influenced by the expansion and repricing of risk assets, while the liberalization of the foreign exchange market contributed significantly to the growth in non-interest income through revaluation gains.
The bank’s efficiency also improved, with the cost-to-income ratio decreasing from 58% to 38.5% in the current period, driven by enhanced income. However, the cost of risk increased from 1.4% to 8.8%, and the cost of funding grew from 1.4% in H1 2022 to 2.6% in H1 2023 due to rising interest rates. Interest expenses rose from N57 billion in H1 2022 to N153.6 billion in H1 2023.
Total assets witnessed a 31% growth, expanding from N12.3 trillion to N16.0 trillion by December 2022, primarily driven by the growth in customer deposits and currency devaluation. Customer deposits increased by 30% from N9.0 trillion in December 2022 to N11.6 trillion in June 2023. Loans and advances also grew by 32%, rising from N4.12 trillion in December 2022 to N5.38 trillion in June 2023, partly due to the revaluation of foreign currency-denominated loans and growth in local currency loans. Despite a challenging macroeconomic environment, the non-performing loans ratio improved from 4.3% to 3.9% in December 2022, attributed to the currency mix of risk assets. Additionally, the capital adequacy ratio increased from 19.8% to 22.0%, while the liquidity ratio decreased from 75% to 61% in the current period, both remaining comfortably above regulatory thresholds.
Zenith Bank’s transition into a holding company structure has advanced as it adds new verticals to its business and expands into new markets. The bank remains proactive in adapting to changes in fiscal and monetary environments to sustain growth across all business segments and markets.
Zenith Bank’s consistent outstanding performance continues to earn it numerous awards and recognitions, reaffirming its position as a leading financial institution in Nigeria and beyond.
Troops of the Nigerian Army have successfully rescued 19 kidnapped residents and neutralised a suspected bandit during a coordinated security operation in Gidan Dogo, Bwari Area Council, within the Federal Capital Territory.....KINDLY READ THE FULL STORY HERE▶
The mission was launched following credible intelligence on the hideouts of terrorists responsible for recent abductions in the Byazhin area of Abuja.
According to a statement issued on Saturday by the Acting Assistant Director, Army Public Relations, Olawuyi Itunuoluwa, soldiers from the 7 Guards Battalion of the Nigerian Army Guards Brigade, in collaboration with the Nigeria Police Force and local vigilantes, conducted a search-and-rescue operation that successfully freed the kidnapped victims.
The troops encountered the criminals during the operation, resulting in a gunfight. The statement explained, “Troops of the 7 Guards Battalion, Guards Brigade, in conjunction with the Nigeria Police Force and local vigilantes, successfully rescued 19 kidnapped victims during a coordinated search and rescue operation. During the operation, troops engaged the bandits, neutralising one criminal while others fled with suspected gunshot wounds.”
Further searches of the area led to the recovery of weapons believed to have been used by the suspects, including an AK-47 rifle and a locally fabricated firearm.
Security sources told Punch that the operation is part of ongoing efforts to dismantle kidnapping networks operating in and around the nation’s capital.
Commander of the Guards Brigade, Adebisi Onasanya, commended the troops and collaborating security agencies for their bravery and professionalism, reiterating the brigade’s commitment to protecting residents of the Federal Capital Territory.
He stated that the Guards Brigade remains “resolute and fully committed to safeguarding residents of the Federal Capital Territory and protecting Abuja as the nation’s seat of power.”
The Army assured residents that troops would continue aggressive patrols and security operations to prevent further attacks, intensify collaboration with other security agencies, and eliminate threats of terrorism, kidnapping, and other criminal activities in the territory and its environs.
The Lagos State Government has issued a stern warning to Nollywood actress Sarah Martins to stop cooking and distributing food on public roads, cautioning that she faces arrest and prosecution if the practice continues.....KINDLY READ THE FULL STORY HERE▶
The directive came on Saturday from the Commissioner for Environment and Water Resources, Tokunbo Wahab, in a public statement addressed to the actress.
While acknowledging Martins’ charitable intentions toward vulnerable residents, Wahab stressed that cooking or trading on public infrastructure—including roads, walkways, and medians—violates Lagos State’s environmental and public order laws.
“Although we appreciate the spirit of charity and compassion behind your actions, carrying out such activities on public roads, walkways, or medians is not permitted under Lagos environmental and public order regulations,” Wahab said. He explained that these practices pose safety, sanitation, and traffic risks.
The commissioner also noted that Martins had previously been cautioned over similar actions last year but had resumed the activity. He urged her to redirect her humanitarian efforts to approved platforms and locations.
“You were previously cautioned about this same issue due to the understanding of its philanthropic intention. I strongly advise you to desist from street cooking or similar activities in public spaces to avoid apprehension and prosecution,” Wahab said. “If you wish to continue your charitable outreach, it should be done through proper channels and designated locations to support vulnerable people without violating the law or creating environmental hazards.”
Wahab further emphasized that Lagos State expects all residents and visitors to comply with its laws, stating, “We expect everyone to be law-abiding in Lagos, just as they would be in any other well-regulated city.”
The warning follows recent videos showing Martins cooking and distributing food on Lagos streets, which drew significant public attention. This is not the first incident; in October 2025, officials from the Kick Against Indiscipline task force apprehended Martins while she was cooking on a road median in Lekki, seizing her cooking equipment. Footage of the encounter circulated online, showing her distressed and holding a hand she said was burned by hot oil, sparking mixed reactions.
The controversy also involved Seyi Tinubu, son of President Bola Tinubu, after Martins claimed she received ₦20 million from his office to support her charity. Seyi Tinubu later clarified that the funds were raised by friends moved by her humanitarian work, and he stressed he did not support any actions that violate Lagos State laws.
The state government has consistently defended its enforcement measures, maintaining that Martins’ activities on public roads were unauthorized and breached environmental and sanitation regulations.
Ondo State Governor Lucky Aiyedatiwa has reiterated that Eba Island is part of Ondo State, stressing that there is no conflict with Ogun State over the oil deposits in the area.....KINDLY READ THE FULL STORY HERE▶
Speaking with journalists at the Government House in Akure interactions with Ogun State Governor Dapo Abiodun have been cordial, with no confrontation. He mentioned that Abiodun sometimes jokingly suggested sharing the oil well to make Ogun an oil-producing state.
“The location of mineral resources is determined by nature, not humans. It is God’s deposit. From historical and administrative records, the area clearly belongs to Ondo State,” he said.
The dispute arose after President Bola Ahmed Tinubu approved drilling at an abandoned oil well on Eba Island, prompting contrasting claims from both states. Ogun State officials, including the Special Adviser on Information and Strategy, Kayode Akinmade, assert the island lies within Ogun Waterside Local Government Area, a position supported by local traditional rulers.
Ondo State, however, maintains ownership. Commissioner for Justice and Attorney-General, Kayode Ajulo, described the renewed claims by Ogun as “astonishing,” citing historical and administrative records confirming Eba Island as part of Ondo. Ajulo explained that his research, including archival studies in the UK, consistently identified the island as integral to Atijere in Ilaje Local Government Area of Ondo State.
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