Latest News
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.
Read Also Former NIMASA Boss Dakuku Peterside Shares Blueprint For Reviving Nigeria’s Real Sector
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.
Kaduna State Governor, Uba Sani, says the state has mapped out 22,435 hectares of degraded land for restoration under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project using modern geospatial mapping technology.....KINDLY READ THE FULL STORY HERE▶
He said the initiative is part of efforts to strengthen climate resilience, tackle environmental degradation, and promote sustainable land use in the state.
Speaking at the ACReSAL mid-term review meeting in Kaduna through the Commissioner for Environment and Natural Resources, Abubakar Buba, the governor explained that the use of geospatial tools has made it possible to accurately identify affected areas for targeted intervention.
He added that the project is not only focused on land recovery but also on boosting agricultural output and improving livelihoods in affected communities.
Sani also noted that the state is supporting the programme with empowerment initiatives, including training over 500 women, youths, and school feeding vendors in biomass briquette production.
According to him, the effort is already helping to reduce dependence on firewood while creating alternative sources of income for beneficiaries.
President Tinubu has given full backing for the implementation of the ₦68.32 trillion 2026 budget after signing the Appropriation Bill passed by the National Assembly into law.....KINDLY READ THE FULL STORY HERE▶
He also approved an amendment extending the lifespan of the 2025 budget from March 31 to June 30, 2026, to ensure completion of ongoing capital projects nationwide.
Under the 2026 fiscal plan, ₦4.799 trillion is set aside for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent spending, while ₦32.2 trillion goes to capital projects—about half of the total budget.
The focus, according to the administration, is on infrastructure development, security, and growth-driven investments aimed at improving living standards.
Speaking on the development, presidential aide Bayo Onanuga said the extension of the 2025 budget will help ensure full use of allocated funds, especially for major ongoing projects.
Tinubu directed all ministries, departments, and agencies to ensure transparency, discipline, and value-for-money in implementing the budget, while praising the National Assembly for its swift passage of the bill.
He also reaffirmed his administration’s commitment to economic reforms, revenue growth, job creation, and social welfare improvements.
The Peoples Democratic Party (PDP) in Kwara State has described moves to prosecute former Senate President Bukola Saraki and former Governor Abdulfatah Ahmed over alleged culpable homicide as an attempt to reopen the 2018 Offa robbery tragedy for political purposes.....KINDLY READ THE FULL STORY HERE▶
In a statement on Friday, the party’s spokesperson, Olusegun Adewara, said the development is a disturbing and dangerous politicisation of a case they claim has already been addressed through judicial processes.
He warned against dragging the state into fresh tension, accusing the state government of attempting to revive old allegations for political advantage.
Adewara said the PDP would not remain silent while what he called “political narratives” are used to influence public perception around a tragic incident that claimed multiple lives in Offa in 2018.
He also urged residents, especially affected families, not to allow their pain to be used for political gains, insisting it is unjust to associate Saraki with the crime.
The party further alleged that the move is aimed at distracting attention from governance challenges in the state.
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges