Zenith Bank delivers strong performance in 2023, grows profit by 202%



Zenith Bank Plc, which is one of the largest banks in Nigeria, has published its audited accounts for the fiscal year 2023. The bank announced gross earnings of N2.13 trillion, which represents a growth of 125.4% year on year. This is the highest gross earnings ever reported in the company’s history.

The bank also reported a net interest income of approximately N736.18 billion, which is more than double what was reported in the previous year. Profit after tax for the period under review rose by 202% to N679.9 billion, setting another significant record for the company.

In addition, the group accrued an FX revaluation gain of N228.98 billion, marking a substantial appreciation from the N25.2 billion gain accrued in 2022.

Key Highlights (FY 2023 vs FY 2022)

Gross Earnings: N2.13 trillion, +125.4% YoY

Net Interest Income: N736.18 billion, +100.8% YoY

Net Income on Fees and Commission: N109.31 billion, -17.7% YoY

Trading Gains: N566.97 billion, +166.6% YoY

Profit Before Tax: N795.96 billion, +179.6% YoY

Profit After Tax: N676.91 billion, +202.3% YoY

Earnings per share: N21.55, +201.8% YoY

Loans and Advances: N6.57 trillion, +63.4% YoY

Total Assets: N20.37 trillion, +65.8% YoY

Total Shareholders’ Equity: N2.32 trillion, +68.5% YoY

Retained Earnings: N1,179,390 vs N625,005

Proposed Dividends: N3.50 per share (Total for the year N4 per share)


Zenith Bank’s outstanding performance in the fiscal year can be largely attributed to a significant surge in its interest income. The bank amassed a staggering N1.1 trillion from this source alone. However, it’s important to note that the bank allocated a substantial provision of about N409.6 billion, which reduced its net interest income after provisioning to N326.5 billion.

This considerable provision may be linked to the bank’s challenges in utilizing its vast retained earnings for dividend payments, especially after the central bank’s recent decision to exclude retained earnings from its calculation of a bank’s share capital.

Moreover, Zenith Bank significantly benefited from the foreign exchange rate, garnering an estimated N228.9 billion from forex revaluation gains. In addition, the bank reported N566.9 billion from trading gains.

Interest income from treasury bills in 2023 soared to N179.0 billion, representing a 310.4% growth from the N43.6 billion recorded in 2022. Additionally, interest income from government and other bonds reached N187.4 billion in 2023.

A major contributor to fees and commission income for Zenith Bank during the fiscal year was electronic product fees. This segment amounted to N51.8 billion, marking a 13.3% increase from the N45.7 billion posted in 2022.

It’s worth mentioning that in 2023, the group’s capital adequacy ratio climbed to 22%, up from 20% in 2022.


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