Zenith Bank Plc has grown its total assets above N10 trillion to hit N10.32 trillion in the first quarter of 2022 from N9.45 trillion it stood as at Q1 of 2021.
This is according to the lender’s unaudited results for the first quarter ended March 31, 2022 presented Thursday to the Nigerian Exchange Limited (NGX).
According to the report analysed by Business Metrics, the total asset value was mainly driven by growth in customers’ deposits. The report showed that customer deposits grew by 12 per cent, from N6.47 trillion in December 2021 to N7.25 trillion in March 2022.
Similarly, the bank grew its gross earnings to N191.5 billion, representing 22 per cent growth in gross earnings compared to N157.3 billion recorded in the same period of last year.
The Tier-1 bank’s unaudited statement of account showed strong double-digit growth in other top lines, with Profit Before Tax (PBT) for the group up by 11 per cent year-on-year to N67.99 billion. The group PBT stood at N61.02 billion in the first quarter of last year.
The bank’s profit after tax (PAT) also grew by 10 per cent, from N53.06 billion to N58.19 billion over the same period. The growth in the top line arose from both interest income and non-interest income.
Its interest income grew by 25 per cent, from N101.12 billion in the first quarter of 2021 to N126.38 billion in first quarter of 2022 while non-interest income grew by 12 per cent, from N51.20 billion to N57.23 billion.
The growth in interest income and non-interest income came from rise in interest and non- income on loans and advances as the bank sustains its retail strategy by acquiring more customers and expanding its electronic banking income.
Savings account balance, which is solely retail, grew by over N68 billion and is a validation of the robust customer acquisition strategy and versatile electronic platforms and digital channels.
“Loans and advances also grew by six per cent, from N3.5 trillion in December 2021 to N3.7 trillion in March 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 six per cent in March 2021 to 7.3 per cent in the current period, while the capital adequacy ratio improved slightly from 21.1 per cent to 22.1 per cent,” the bank said.
Going into the remainder of 2022, the Group will continue to focus on sustainable growth across all its business segments and deploy technology platforms and digital assets intuitively to 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 Banks Awards, for three consecutive years from 2020 to 2022, Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year 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 Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.