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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.
Abia State Governor, Alex Otti, has reaffirmed his administration’s commitment to partnering with investors to drive development and generate employment opportunities across the state.....KINDLY READ THE FULL STORY HERE▶
The governor made the statement at the Government House in Umuahia during the signing of a Memorandum of Understanding (MoU) for the development of the Aba Commercial Smart City, a project expected to create about 125,000 jobs.
Represented by his Chief of Staff, Caleb Ajagba, Otti said the project would transform Aba and the wider Abia State into a major industrial hub, fostering sustainable economic growth and large-scale job creation upon completion.
He emphasized that his administration prioritises the creation of quality employment over handouts, noting that meaningful jobs remain the most effective way to empower youths and citizens.
The governor also called for sustained public-private sector collaboration in the state’s development, citing the recent achievement of 90 days of uninterrupted power supply in Aba as a product of effective partnership between the government and private investors.
Speaking on the project, the Manager of Technical Services for Aba Commercial Smart City, Mr. David Okoro, disclosed that the development would occupy 140 hectares of land in Osisioma and generate 25,000 direct jobs and 100,000 indirect jobs for residents of Abia State.
Ten inmates of the Old Abeokuta Custodial Centre in Ibara, Ogun State, have secured free admission into Yewa Central College of Education to study various academic programmes.....KINDLY READ THE FULL STORY HERE▶
The beneficiaries, made up of seven males and three females, were admitted into courses including English Language/Social Studies, Economics/Social Studies, Political Science/Social Studies, Business Education, Physical and Health Education, Economics/Political Science, and Economics/Computer Science.
Speaking at a matriculation ceremony held within the correctional facility on Friday, the Provost of the College, Dr. Mary Bamgbose, formally welcomed the inmates into the 2025/2026 academic session and urged them to maintain good conduct.
She described the inmates as reformed and expressed confidence that they could become positive representatives of the institution after regaining their freedom.
“Today, 10 inmates who have been corrected and reformed are being matriculated into Yewa Central College of Education. As you begin this journey on February 6, 2026, I urge you to conduct yourselves properly,” Bamgbose said.
“As God is showing you mercy through this opportunity, I believe you can one day serve as good ambassadors of our college outside this system,” she added.
Speaking on behalf of the new students, Peter Adike expressed gratitude and pledged that, despite their incarceration, they are determined to make the opportunity count.
However, he noted that they still face challenges accessing essential learning resources such as teachers, textbooks, and classroom furniture.
Lagos State Governor, Babajide Sanwo-Olu, has reflected on the lasting legacy of former Nigerian Head of State, General Murtala Ramat Muhammed, describing his leadership as a moral benchmark for public service, fifty years after his death.....KINDLY READ THE FULL STORY HERE▶
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