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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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“Breaking: Natasha Akpoti-Uduaghan Emerges PDP Candidate For Kogi Central Senatorial Race”.

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Senator Natasha Akpoti-Uduaghan has secured the Peoples Democratic Party (PDP) ticket for the Kogi Central Senatorial District ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The announcement was contained in a statement released in Abuja on Thursday by her Special Assistant on Media and Publicity, Mike Idoko.

Idoko explained that party members and supporters took part in an affirmation exercise conducted across all 57 wards in the senatorial district.

He noted that the process was held simultaneously in the wards, after which results were collated at Kahal Cinema in Okene, where party leaders, stakeholders, and supporters gathered to conclude the exercise.

According to the statement, officials of the Independent National Electoral Commission (INEC) monitored the process alongside journalists to ensure transparency and compliance with electoral guidelines.

Reacting after the collation of results, Natasha expressed appreciation to party members and supporters for what she described as a strong demonstration of unity and confidence.

She said the exercise reflected the trust the people of Kogi Central continue to place in her vision for progress, inclusion, and development.

“I am deeply humbled by the massive turnout across all 57 wards. This is not just about one individual; it is about our people coming together in unity to deepen democracy and build a stronger and more prosperous Kogi Central,” she said.

The senator added that the large turnout showed the commitment of party members to strengthening democratic participation across the district.

She also pledged to remain focused on delivering development, justice, and opportunities to constituents, while maintaining close engagement with communities across the senatorial zone.

Natasha said she accepted the nomination with gratitude and renewed commitment, promising to serve with dedication and accountability if elected.

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“Egypt Name Mohamed Salah In 2026 World Cup Squad As Star Leads National Team Charge”.

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Egypt have included captain Mohamed Salah in their provisional 27-man squad for the upcoming FIFA World Cup in North America, with the experienced forward expected to once again lead the national team on football’s biggest stage.....KINDLY READ THE FULL STORY HERE▶

The 33-year-old Liverpool star remains the central figure in coach Hossam Hassan’s selection, despite reports linking him with a possible exit from Anfield after nine successful years at the club.

Salah, who has scored 67 goals in 115 appearances for Egypt, will carry the nation’s hopes as they aim for a strong run in the tournament.

Manchester City forward Omar Marmoush also made the squad following an impressive season, while 18-year-old Barcelona U19 striker Hamza Abdelkarim earned a surprise call-up despite not yet making a senior international appearance. Nantes striker Mostafa Mohamed was among the notable omissions.

Egypt will reduce the squad to the FIFA-required 26 players after their friendly against Russia in Cairo on May 28, before facing Brazil in another warm-up match on June 6 in Cleveland.

The Pharaohs have been drawn in Group G, where they will begin their campaign against Belgium on June 15, followed by matches against New Zealand and Iran.

The squad also includes goalkeepers Mohamed El Shenawy and Mostafa Shobeir, along with experienced midfielders Mahmoud Trezeguet and Emam Ashour, as Egypt prepare for the expanded 48-team World Cup across the United States, Canada, and Mexico.

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“Wike: Fubara Joined APC Too Quickly But Failed To Consolidate Power – Rufai Oseni”.

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Anchor of Arise Television’s Morning Show, Rufai Oseni, has criticised Governor Siminalayi Fubara’s political move to the All Progressives Congress (APC), saying it failed to achieve the expected political consolidation.....KINDLY READ THE FULL STORY HERE▶

Oseni made the remarks on Thursday during the programme while reacting to Fubara’s withdrawal from the APC governorship primary.

He described the political situation in Rivers State as troubling for Nigeria’s democracy, arguing that it further highlights the influence of Minister of the Federal Capital Territory, Nyesom Wike, in the state’s political structure since the 2023 elections.

According to him, Wike has become a dominant force in Rivers politics, with influence that appears to cut across party lines.

However, Oseni questioned how sustainable such political dominance could be, warning that excessive concentration of power in one individual could undermine democratic growth.

He said, “As regards Rivers, what do I say? It’s a shame on our democracy. Rivers has become two-factor authentication.”

He added that political alignments in the state appear heavily influenced by Wike, suggesting that recent developments reflect his continued control over key decisions.

“You quickly went to join the APC, you couldn’t get consolidation there,” he said, referring to Fubara’s political move.

Oseni further speculated on future political dynamics in the state, questioning whether Wike’s influence would extend to other political figures and structures.

He argued that Wike’s level of dominance raises concerns about political plurality, noting that democracy suffers when power becomes overly centralized.

According to him, while Wike’s influence is evident, the bigger question is whether such a system is sustainable in the long term.

Oseni also warned that similar political patterns could emerge in other states if not checked, stressing the need for stronger democratic institutions and balance of power.

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