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Zenith Bank’s H1 2023 Financial Report Reveals Impressive Triple-Digit Growth

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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.

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‘Bala Mohammed Is The Incoming Senate President’ – Makinde Makes Stunning Claim.

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The presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has predicted that Bauchi State Governor Bala Mohammed will become Nigeria’s next Senate President if the party wins the 2027 general election.....KINDLY READ THE FULL STORY HERE▶

Makinde made the declaration on Thursday during the APM South-West town hall meeting in Akure, the Ondo State capital.

He expressed confidence that the party would secure a sweeping victory in the 2027 polls, describing its agenda as a plan to reset the country.

Makinde made the prediction after Mohammed was introduced at the gathering and described as an incoming senator.

Speaking at the event, the APM presidential candidate said, “Well, APM is going to win this election overwhelmingly because this is the reset agenda being put before Nigerians, so I dare to say that my national leader is the incoming Senate President of the Federal Republic of Nigeria.”

He urged Nigerians to listen to the party’s message and support its proposed agenda ahead of the 2027 elections.

Makinde also discussed the qualities he believes Nigerians should consider when choosing their next president, arguing that physical energy and the ability to tackle national challenges should take precedence over age.

According to him, the next president must possess the stamina to work long hours and respond effectively to the country’s pressing problems.

He stated, “While I will not make age an issue in this campaign, I will make energy, having energy, being able to stay up late to deal with the challenges we face as a country.”

Makinde further challenged presidential candidates to demonstrate their physical fitness, urging voters to consider their capacity to handle the demands of the presidency.

“So please, when they bring their presidential candidates, let the candidates be able to jump, and if they can do that, vote for them,” he added.

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NELFUND Sounds Fresh Alarm, Warns Students Over Loan Applications.

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The Nigerian Education Loan Fund (NELFUND) has cautioned students against applying for education loans they do not need, emphasising that the scheme is voluntary and designed to assist those who cannot afford the cost of their studies.....KINDLY READ THE FULL STORY HERE▶

The fund clarified that students who can comfortably pay their tuition fees and other educational expenses without financial assistance are under no obligation to apply for the loans.

NELFUND disclosed this in a statement issued in Abuja on Wednesday and signed by its Director of Strategic Communications, Oseyemi Oluwatuyi.

According to the agency, the student loan scheme was established to ensure that financial difficulties do not prevent eligible Nigerians from pursuing higher education.

It stressed that making the programme compulsory for all students, regardless of their financial circumstances, would undermine its original purpose.

“The student loan scheme is a support mechanism, not an obligation,” the fund stated.

NELFUND urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the programme and guide students who genuinely require financial assistance through the application process.

The agency also highlighted that the loans are interest-free, describing them as an option for students struggling to meet the financial demands of their education.

However, it reminded prospective applicants that the loans must be repaid in accordance with the provisions of the Student Loans Act.

The fund advised students to carefully review the terms and conditions of the facility before applying to ensure they understand their repayment obligations and avoid potential difficulties in the future.

NELFUND reiterated that its primary objective is to ensure that eligible Nigerian students are not denied access to educational opportunities because of financial constraints.

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BATSOF-FCT Targets Grassroots Mobilisation For Tinubu’s 2027 Victory

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 ....KINDLY READ THE FULL STORY HERE▶

The Federal Capital Territory chapter of the Bola Ahmed Tinubu Solidarity Front, BATSOF-FCT, was on Tuesday inaugurated in Abuja with a charge to members to take the Renewed Hope Agenda to every ward in the Territory.

In his inaugural address, the Convener of BATSOF-FCT, Hon. Bola Asiru Balogun, commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, for making Abuja work again and for providing an enabling environment for grassroots mobilisation.

According to him, Wike’s excellent performance as FCT Minister has made the task of the group easier by 50 percent.
He said BATSOF is not just another support group, but a movement that has existed since 2003.

“BATSOF was formed in Lagos not only to mobilise votes for the re-election of Asiwaju as second term Governor, but to propagate and defend his leadership ideals, now captioned as Renewed Hope Agenda, and to promote it as a panacea for equality and service delivery amongst public leaders,” Balogun said.

He disclosed that BATSOF-FCT will focus on three key objectives in the build-up to the 2027 general elections.
“One, to defend the Renewed Hope Agenda with facts and figures, not propaganda. Two, to explain the reforms of Mr. President to the common man at the grassroots. Three, to deliver votes and goodwill for Asiwaju and all APC candidates in the FCT come 2027,” he said.

Balogun urged members to counter fake news being spread by the opposition on social media with verifiable projects on ground.

“Distinguished guests, look around Abuja today, development has been made. Our job is to go ward to ward to tell the story, because the opposition is spreading fake news on social media, but we have real projects on ground to counter their false narrative,” he stated.

He announced that from today, BATSOF will be present in all 62 wards of the six Area Councils of the FCT, not as noise makers but as grassroots mobilisers.

“Today, as BATSOF FCT executive gets inaugurated, our loyalty is to Mr. President, we will be loyal to the party, APC, to the FCT Administration and work day and night to ensure that President Tinubu gets massive votes in the FCT in 2027. We shall collaborate with other groups to bring this to reality,” he said.

The Convener recalled that BATSOF delivered in 2003 when South-West states were lost to the opposition, yet Asiwaju was returned as Lagos State Governor for a second term.

“We want to break the jinx of a ruling party not winning a second term in general elections in the Federal Capital Territory and deliver massive votes for Mr. President as our compensation for his performance in this first term, thereby changing the narrative in his time as President and the APC as a political party,” he added.

He therefore called on all members, both new and old, to return to their various wards and open BATSOF ward offices, even in their sitting rooms if they have no office.

“Hold small meetings, explain the Renewed Hope Agenda to the electorate. Identify five people on each street in your neighbourhood and convince them to join the progressives,” Balogun charged.

CHIEF DAYO LAWAL DIRECTOR, MEDIA & PUBLICITY BATSOF-FCT 20/10/2026

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