Friday, 29 April 2022

ZENITH BANK EXPANDS MARKET SHARE WITH 22% GROWTH IN GROSSEARNINGS IN Q1 2022

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March2022, with an impeccable growth of 22% in Gross Earnings from N157.3 billion reported in Q12021 to N191.5 billion in Q1 2022.  From  the unaudited statement of account  presented   to  the  Nigerian  Exchange  (NGX)   onThursday, 28th   April 2022,   the  strong double-digit   growth  in   the  topline   culminated  in  anincrease in the bottom line, as the Group recorded an 11% Year-on-Year (YoY) increase inprofit before tax, growing from N61.02 billion in Q1 2021 to N67.99 billion in Q1 2022.  Profit after tax also grew by 10%, from N53.06 billion to N58.19 billion over the same period.The growth in the topline arose from both interest income and non-interest income. Interestincome grew by 25%, from N101.12 billion in Q1 2021 to N126.38 billion in Q1 2022, while non-interest income grew by 12%, from N51.20 billion to N57.23 billion. The  growth in  interestincome and non-interest income arose from the combined effects of an improvement in interestincome  on loans  and advances (as  risk  assets  continue to  grow  and pricing  is  graduallyimproving) and an improvement in non-interest income as the Bank continues to deploy itsretail strategy, thereby acquiring more customers and expanding its electronic banking incomefrom the increased volume of transactions across all its channels.  Total assets grew by 9% from N9.45 trillion to N10.32 trillion in 2022, mainly driven by growth incustomers’ deposits. Customer deposits grew by 12%, from N6.47 trillion in December 2021 toN7.25 trillion in March 2022. Savings account balance, which is solely retail grew by over N68billion and is a validation of the robust customer acquisition strategy and versatile electronicplatforms and digital channels. Loans and advances also grew by 6%, from N3.5 trillion in December 2021 to N3.7 trillion inMarch 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. This development also helped to boost the net interest margin(NIM), as it improved from 6.0% in March 2021 to 7.3% in the current period, while the capitaladequacy ratio improved slightly from 21.1% to 22.1%. Going into the remainder of 2022, the Group will continue to focus on sustainable growthacross all its business segments and deploy technology platforms and digital assets intuitivelyto serve its various customers’ needs to deliver enhanced returns to its stakeholders.Zenith Bank’s track record of excellent performance has earned the brand numerous awards,including being voted  as  Best Bank  in Nigeria in the Global Finance World’s Best  BanksAwards, for three consecutive years from 2020 to 2022, Best Commercial Bank in Nigeria in theWorld Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of theYear Awards 2020, and Best in Corporate Governance’ Financial Services’ Africa 2020 and

2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brandin Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bankin Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The BankerMagazine and the Retail Bank of the year at the BusinessDay Banks and Other FinancialInstitutions (BOFI) Awards 2020 and 2021.Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDayAwards 2020  and emerged  winner in four categories at the Sustainability,  Enterprise, andResponsibility   (SERAS)   Awards   2021,   carting   home   the   awards   for   “Best   Company   inReporting and Transparency”, “Best Company in Infrastructure Development”, “Best Companyin   Gender   Equality   and   Women   Empowerment”,   and   the   coveted   “Most   ResponsibleOrganisation in Africa

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