Saturday, July 5, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home BANKING

ZENITH BANK SUSTAINS GROWTH TRAJECTORY WITH DOUBLE-DIGIT GROWTH IN GROSS EARNINGS IN H1 2022

Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the end of December 2021.

Newsroom Nigeria by Newsroom Nigeria
August 24, 2022
in BANKING
Reading Time: 5 mins read
0
SHARES
Share on FacebookShare on Twitter

Related posts

FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact

FirstBank Unveils Advanced Facial Biometric Technology on FirstMobile for Seamless User Enrollment and Device Activation

July 3, 2025
Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

July 2, 2025
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 (NGX) 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 increase in non-interest income attests to the Group’s success in its income diversification strategy.
Profit before tax (PBT) grew 11% year-on-year (YoY) from NGN117 billion to NGN130 billion. Earnings per share (EPS) also grew from NGN3.38 to NGN3.55 over the same 6- month period.
The Group also recorded an 11% year-to-date (YtD) 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.
Despite the elevated yield environment, the cost of funds increased only marginally from 1.3% in June 2021 to 1.4% in June 2022. The increase in the cost of funds was lower than the increase in yields on interest-generating assets, giving rise to an improved Net Interest Margin (NIM) of 7.1% from 6.4% in June 2021.
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% (FYE 2021: 4.2%) and cost of risk of 1.4% (June 2021: 1.3%). Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5% and 21.0% respectively.
The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments. Combined with the Group’s industry leadership, we expect this to drive
improved performance and deliver enhanced returns to stakeholders.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13
the consecutive year, in the 2022 Top 1000 World Banks Ranking published
by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank,
Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail
Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500
Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 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.
ShareTweetSendShareShare
Previous Post

STRIKE: ASUU NEC TO DECIDE NEXT MOVE ON SUNDAY

Next Post

Why Falconets Slept at Istanbul Airport – NFF

Related Posts

FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact
BANKING

FirstBank Unveils Advanced Facial Biometric Technology on FirstMobile for Seamless User Enrollment and Device Activation

July 3, 2025
Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative
BANKING

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

July 2, 2025
FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact
BANKING

FirstBank Wins Gold for Best Corporate University in Social & Climate Change Impact

June 26, 2025
BANKING

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025
BANKING

Zenith Bank Plc Named “Best Bank in Nigeria”

June 5, 2025
BANKING

Inclusive Education: Union Bank Sponsors Mathematics Competition for Hearing Impaired Students

May 30, 2025
Next Post

Why Falconets Slept at Istanbul Airport - NFF

RECOMMENDED NEWS

Wiewpoint: Why Governors Should Align with President Tinubu on LG Autonomy

12 months ago

NIGERIAN SENATOR JAILED FOR MONEY LAUNDERING

3 years ago

Alleged $1,043, 000 Fraud: Supreme Court Revokes Fred Ajudua’s Bail, Returns Him to Prison

2 months ago

INSECURITY: ARMY BEGINS SPECIAL OPERATIONS IN KWARA

3 years ago

FOLLOW US

ADVERTISEMENT
ADVERTISEMENT

POPULAR NEWS

  • BREAKING: Nigerian Goalkeeping Legend,  Peter Rufai is Dead

    BREAKING: Nigerian Goalkeeping Legend,  Peter Rufai is Dead

    0 shares
    Share 0 Tweet 0
  • Family Releases How the Late Nigeria’s Legendary Goal Keeper, Rufai Dies

    0 shares
    Share 0 Tweet 0
  • Ex-int’l Football Player, 4 Others Arrested Over 22.6kg Cocaine, Meth seized at Airport

    0 shares
    Share 0 Tweet 0
  • Viewpoint: Kola Abiola, Sule Lamido and Their June 12 Lies By Adewale Adeoye

    0 shares
    Share 0 Tweet 0
  • Presidency Clarifies President Tinubu State’s Visit to Saint Lucia

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

The NEWSROOM NIGERIA is an independent, liberal on – line news platform committed to the right of the individual to pursue his economic happiness, without undue interference of the state. It shall promote the rights of the individual; right to freedom of worship and conscience, and to hold opinions and impact same without hindrance, subject to such laws are as consistent with the constitution and necessary for the protection of the rights of others.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.