Zenith Bank’s Q3 earnings rise to N620.6bn

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Zenith Bank Plc said its gross earnings rose by 20 per cent from N518.7bn as of the end of third quarter of 2021 to N620.6bn in Q3, 2022.

Growth in non-interest income was enabled by the Group’s retail strategy, with continued substantial customer acquisition driving transactions, deposit growth and growth in electronic banking income.

The bank disclosed that the continuing elevated yield environment affected the cost of funding which increased from 1.4 per cent to 1.7 per cent in the current period. However, the NIM was expected to see a correction in subsequent quarters as the assets side was repriced correspondingly.

 

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