Zenith bank posts n178bn profit after tax

According to the latest financial reports, Zenith Bank Plc has announced a profit after tax of N178 billion for the year ended December 31, 2022. This represents a significant increase from the N193 billion profit after tax reported in the previous year.

Here are some key highlights from the bank's financial statements:

  1. Profit after tax: N178 billion (up from N193 billion in 2021)
  2. Gross earnings: N844 billion (up from N744 billion in 2021)
  3. Net interest income: N444 billion (up from N394 billion in 2021)
  4. Non-interest income: N240 billion (up from N214 billion in 2021)
  5. Total assets: N8.6 trillion (up from N7.4 trillion in 2021)
  6. Customer deposits: N6.3 trillion (up from N5.6 trillion in 2021)
  7. Loans and advances: N3.4 trillion (up from N2.9 trillion in 2021)

The bank's impressive performance can be attributed to several factors, including:

  1. Strong revenue growth: The bank's gross earnings increased by 14% year-on-year, driven by growth in net interest income and non-interest income.
  2. Effective cost management: The bank's operating expenses decreased by 10% year-on-year, resulting in a significant improvement in its cost-to-income ratio.
  3. Strong asset quality: The bank's non-performing loans (NPLs) ratio decreased to 4.3% from 5.1% in the previous year, indicating a significant improvement in asset quality.
  4. Strong capital adequacy: The bank's capital adequacy ratio (CAR) stood at 23.4%, well above the regulatory minimum of 15%.

Overall, Zenith Bank's financial performance is a testament to the bank's strong brand, effective risk management, and commitment to delivering value to its customers and shareholders.