Zenith Bank Plc’s gross earnings rose by 22 per cent in the first quarter of 2022.The bank disclosed this in a statement on its unaudited results for the first quarter ended 31st March 2022.
From the unaudited statement of account presented to the Nigerian Exchange on Thursday, the strong double-digit growth in the topline led to an increase in the bottom line, as the Group recorded an 11 per cent year-on-year increase in profit before tax, growing from N61.02bn in Q1, 2021 to N67.99bn in Q1 2022.The growth in the topline arose from both interest income and non-interest income.
Interest income grew by 25 per cent, from N101.12bn in Q1 2021 to N126.38bn in Q1 2022, while non-interest income grew by 12 per cent, from N51.2bn to N57.23bn. “The growth in interest income and non-interest income arose from the combined effects of an improvement in interest income on loans and advances and an improvement in non-interest income as the bank continues to deploy its retail strategy, thereby acquiring more customers and expanding its electronic banking income from the increased volume of transactions across all its channels,” the statement said.
Total assets grew by nine per cent, from N9.45tn to N10.32tn in 2022, mainly driven by growth in customer deposits.Read Also
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