Zenith Bank achieves historic triple-digit topline and bottom-line growth in 2023

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Zenith Bank Plc has announced its audited results for the year ended 31 December, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from N945.6 billion reported in 2022 to N2.132 trillion in 2023.year presented to the Nigerian Exchange , this impressive triple-digit growth in gross earnings resulted in a Year-on-Year increase of 180% in Profit Before Tax from N284.7 billion in 2022 to N796 billion in 2023.

The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from N173.5 billion in 2022 to N408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance.

Total assets increased by 66% from NGN12.3 trillion in 2022 to N20.4 trillion in 2023, largely due to growth in total deposits and the revaluation of foreign currency deposits. Gross loans grew by 71% from N4.1 trillion in 2022 to N7.1 trillion in 2023 due to the revaluation of foreign currency loans and the growth in local currency risk assets.

In 2024, the Group will complete the transition to a holding company structure, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives. Furthermore, the Group is undertaking urgent necessary actions to meet the new minimum N500 billion equity capital requirement to maintain its international authorisation within the timeframe stipulated by the.

Source: News Formal (newsformal.com)

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