Zenith Bank Posts Revenue Of N967.2bn In Six Months, Increases Profit By 169%

Nigeria’s biggest bank by market capitalization has posted a record gross earning of N967.2bn in 2023 half-year….CONTINUE READING....CONTINUE READING

The bank disclosed on Monday that its gross revenue rose by 139.0 per cent from the N404.76bn recorded in the first six months of 2022.

Profit After Tax rose 169.5 per cent to N291.73bn, from the N111.4bn posted by the end of June 2022.

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The company’s financial report for June, seen by THE WHISTLER showed that net profit before tax rose by 169.5 to N350.36bn from N130bn recorded in the first-half of last year.

The bank saw visible growth in its deposits to N11.6bn from N8.975bn deposited by customers by the end of December last year.

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The lender which has dominated the banking space also saw its assets grow from N12.28trn in December 2022 to N16.trn by the end of June. Liability however rose from N10.9trn to N14.24trn by June ending.

The risk-weighted Capital Adequacy Ratio (CAR) of the bank jumped to 22 per cent, which is above the Central Bank of Nigeria’s 10 per cent acceptable limit.

With Zenith Bank’s strong results, the signs of a potential capital adequacy crisis raised by members of the CBN Monetary Policy Committee may not apply to the lender.

“The Group prides itself in maintaining a very healthy Capital Adequacy Ratio in all its areas of operations. Capital levels are determined either based on internal assessments or regulatory requirements.

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“The Group maintained capital levels above the regulatory minimum prescribed in all its operating jurisdictions,” the lender said.

Loans and advances given to customers rose to N5.3trn in June from the N4.89trn issued by the end of December 2022, the books revealed.

“The gross balance of loans and advances to customers as at 30 June 2023 was N 5.381 trillion and N4.899trn for group and bank respectively.

“The associated impairment allowance on loans and advances to customers was N 329.4bn and N306.2bn for group and bank respectively.”

The company’s shareholders equity further rose to N1.78trn from N1.37trn held in December 2022….CONTINUE READING

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