Zenith Bank Plc has declared its audited results for the year ended December 31, 2022, achieving an impressive double-digit growth of 24 percent in gross earnings from N765.6 billion reported the previous year to N945.5 billion in 2022.

THE WILL reports that this is happening after persistent challenging macroeconomic environment and headwinds.Information Guide Nigeria

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26 percent year-on-year (YoY) growth in interest income from N427.6 billion to N540.2 billion and a 23 percent year-on-year (YoY) growth in non-interest income from N309 billion to N381 billion, THE WILL reports.

As reported by THE WILL, profit before tax (PBT) also grew from N280.4 billion to N284.7 billion during the period. The increase was due to significant growth in all the income lines.

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Interest expense grew 63 percent YoY from N106.8 billion to N173.5 billion while impairments appreciated by 107 percent from NGN59.9 billion to N124.2 billion.

The impairment growth resulted in an increase in the cost of risk (from 1.9 percent in 2021 to 3.3 percent in the reviewed year). This was due to the impact of Ghana’s sovereign debt restructuring programme. The boost in interest expenses increased the cost of funds from 1.5 percent in 2021 to 1.9 percent in 2022 due to hikes in interest rates globally.NYSC Portal

According to THE WILL, customer deposits increased by 39 percent, growing from N6.47 trillion in the previous year to N8.98 trillion in the current year. The leap came from all products and deposit segments (corporate and retail), thus consolidating the bank’s market leadership and indicating customers’ trust.

The continued improved yield environment positively impacted the bank’s Net-Interest-Margin and effective re-pricing of interest-bearing assets. Operating expenses grew by 17 percent YoY, but growth remains below the inflation rate. Total assets increased by 30 percent, growing from N9.45 trillion in 2021 to N12.29 trillion, mainly driven by growth in customer deposits.

With the steady and continued recovery in economic activities, the group prudently grew its gross loans by 20 percent, from N3.5 trillion in 2021 to N4.1 trillion in 2022, which increased the Non-Performing Loan (NPL) ratio modestly from 4.2 percent to 4.3 percent YoY. The capital adequacy ratio decreased from 21 percent to 19 percent, while the liquidity ratio improved from 71.2 to 75 percent. Both prudential ratios are well above regulatory thresholds.JAMB Result

This year, the group intends to expand its frontiers, as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.

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