SPONSORED: Zenith Bank Sustains Growth Trajectory With Double-digit Growth In Gross Earnings In H1 2022 | Sahara Reporters

  • 📰 SaharaReporters
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2022, recording an astounding double-digit growth of 17% in gross earnings from N346 billion reported in H1 2021 to N405 billion in H1 2022. This is in spite of a very challenging macroeconomic environment.

According to the bank's audited half-year financial results presented to the Nigerian Exchange on Tuesday, 23rd August 2022, this growth was underpinned by a 19% YoY growth in interest income from NGN204 billion to NGN242 billion and an 18% YoY growth in non-interest income from NGN127 billion to NGN149 billion. The growth in interest income was driven by the modest increase in the loan book and improved interest margins.

The Group also recorded an 11% year-to-date increase in total customer deposits to close the period at NGN7.15 trillion. The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17% YtD from NGN1.82 trillion to NGN2.13 trillion. Retail activities also supported the growth recorded in fees on electronic products which grew by 45% YoY from NGN17 billion to NGN25 billion.

Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the end of December 2021. Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by 5% YtD, from NGN3.5 trillion to NGN3.7 trillion. This was achieved at a moderate NPL ratio of 4.4% and cost of risk of 1.4% . Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5% and 21.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

And past rubbish salary!

The best bank. w We are the Zenith, we look down below to bring people up to the Zenith. ZenithBank

Sowore is coming to repair everything Buhari has destroyed in our education. SoworeManifesto SoworeManifesto SoworeManifesto

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Zenith Bank’s H1 gross earnings rise to N405bnZenith Bank Plc grew its gross earnings by 17 per cent from N346bn in the first half of 2021 financial period to N405bn in the corresponding period of 2022. Na the 41 wey una comot for my money yesterday make am complete, nice one!! Worse bank of the year, stealing from its customers. Ur illegal deduction from peoples account contributed to this..
Source: MobilePunch - 🏆 8. / 63 Read more »