• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Zenith Bank Records 202% Rise in Profits, N2.13trn Gross Earnings

by BUKOLA ARO-LAMBO
1 year ago
in Cover Stories
Zenith Bank
Share on WhatsAppShare on FacebookShare on XTelegram

Zenith Bank Plc, in its audited results for the year ended December 31, 2023, recorded a 125 per cent growth in gross earnings as its profit swelled by 202 per cent.

Advertisement

At the end of the 2023 financial year, it’s gross earnings rose from N945.6 billion reported in 2022 to N2.132 trillion in 2023.

The audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), showed a Year-on-Year (YoY) increase of 180 per cent in Profit Before Tax (PBT) from N284.7 billion in 2022 to N796 billion in 2023, whilst Profit After Tax (PAT) rose by 202 per cent from N223.9 billion to N676.9 billion in the period ended December 31, 2023.

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112 per cent from N540 billion in 2022 to N1.1 trillion in 2023. Non-interest income grew by 141 per cent from N381 billion to N918.9 billion in the same period.

The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year.

RELATED

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

5 hours ago
The Untold Struggle-for-Survival Story Of Bauchi Flood Victims

Rainstorm Wreaks Havoc On Plateau Community, Flood Submerges Farmlands In Niger, Kogi

18 hours ago

Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies. The cost of funds grew from 1.9 per cent in 2022 to 3.0 per cent in 2023 due to the high interest rate environment while interest expense increased by 135 per cent from N173.5 billion in 2022 to N408.5 billion in 2023.

Notwithstanding the 32 per cent growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4 per cent in 2022 to 36.1 per cent in 2023 due to improved top-line performance.

Return on Average Equity (ROAE) increased by 118 per cent from 16.8 per cent in 2022 to 36.6 per cent in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns.

Return on Average Assets (ROAA) also grew by 95 per cent from 2.1 per cent to 4.1 per cent in the same period.

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69 per cent from  N9.0 trillion to  N15.2 trillion in 2023.

Its retail drive continues to yield dividends as retail deposits now constitute 46 per cent of total deposits (compared to 44 per cent in 2022) and grew by 77 per cent from  N3.97 trillion in 2022 to  N7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.

Total assets increased by 66 per cent from  N12.3 trillion in 2022 to  N20.4 trillion in 2023, largely due to growth in total deposits and the revaluation of foreign currency deposits.

Gross loans grew by 71 per cent from  N4.1 trillion in 2022 to  N7.1 trillion in 2023 due to the revaluation of foreign currency loans and the growth in local currency risk assets.

 

As a result of the disciplined and diligent approach to risk assets creation and management, the loan growth did not significantly impact the Non-performing Loans (NPL) ratio, which increased marginally from 4.3 per cent to 4.4 per cent despite the heightened risk environment and challenging operating environment, an attestation to the Group’s resilience despite headwinds and a challenging macroeconomic environment.

 

Also, the prudential ratios remain within regulatory thresholds, with the Capital Adequacy Ratio (CAR) and liquidity ratio at 21.7 per cent and 71.0 per cent, respectively, at the close of 2023.

 

As a demonstration of its commitment to shareholders, the bank has announced a proposed final dividend payout of  N3.50 per share, bringing the total dividend to  N4.00 per share.

 

In 2024, the Group will complete the transition to a holding company structure, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

 

Furthermore, the Group is undertaking urgent necessary actions to meet the new minimum  N500 billion equity capital requirement to maintain its international authorisation within the timeframe stipulated by the Central Bank of Nigeria (CBN). This will strengthen its presence in key markets to continue positioning for sustainable growth and value addition for stakeholders

 

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

 

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

 

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Zenith bank
SendShareTweetShare
Previous Post

CBN Policies Push Naira To N1,150/$ At Parallel Market

Next Post

FG Embarks On Overhaul Of Justice Sector

BUKOLA ARO-LAMBO

BUKOLA ARO-LAMBO

You May Like

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses
Cover Stories

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

2025/08/04
The Untold Struggle-for-Survival Story Of Bauchi Flood Victims
Cover Stories

Rainstorm Wreaks Havoc On Plateau Community, Flood Submerges Farmlands In Niger, Kogi

2025/08/04
Peter Obi Calls For Reopening Of Onitsha Markets Closed Over Illicit Drugs
Cover Stories

ACF Rejects Peter Obi’s Reiterated One-term Pledge

2025/08/04
Japa: Medical Schools’ Bid To Double Students’ Intake Under Threat
Cover Stories

Unmet Demands: Nurses Suspend Strike, Doctors May Down Tools August 17

2025/08/03
NLC Laments As Only 6 States, FCT Joined Contributory Pension Scheme
Cover Stories

NLC Rejects FG’s Attempt To Criminalise Strikes With New Industrial Policy

2025/08/03
HIV/AIDS: Despite Donors Funding Cut, NACA Assures Of Sufficient Drugs
Cover Stories

HIV/AIDS: Despite Donors Funding Cut, NACA Assures Of Sufficient Drugs

2025/08/03
Leadership Conference advertisement

LATEST

‘Tinubu’s Harsh Economic Policies Have Erased Nigeria’s Middle Class’, Says Falana

Trade, Investment Flourish As UAE-Nigeria Relations Strengthened

Flooding: Borno Needs Modern Drainages, Not Overhead Bridges, Chinedumuije Tells Zulum

Lagos Gov’t Allays Fears As Flood Sacks Residents After Rainfall

WAFCON: Aiyedatiwa Gives Super Falcons’ Tosin Demehin N30m, House

Gov Sani Effects Minor Cabinet Reshuffle In Kaduna

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

‘I Don’t Have Any Caucus In APC,’ Says Gov Oyebanji

NNPCL Boss Ojulari In Office Monday Amid Resignation Controversy

Gov Uzodimma Vows To End Killings, Restore Peace In Imo

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.