Connect with us

PRESS RELEASE

ZENITH BANK RECORDS REMARKABLE 41% TOPLINE GROWTH IN Q1 2023

Published

1 month ago

on

ZENITH BANK

ZENITH BANK RECORDS REMARKABLE 41% TOPLINE GROWTH IN Q1 2023

 

Zenith Bank Plc has announced its unaudited results for the first quarter ending 31st March 2023, with an exceptional double-digit growth of 41% in Gross Earnings, increasing from ₦191.5 billion in Q1 2022 to ₦270 billion in Q1 2023.

The unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 28th April 2023, indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27% year-on-year (YoY) increase in Profit Before Tax (PBT), rising from ₦68 billion in Q1 2022 to ₦86.6 billion in Q1 2023. Profit After Tax (PAT) also grew by 13% from ₦58.2 billion to ₦66 billion during the same period.

The growth in the topline was propelled by substantial increases in both interest income and non-interest income. Interest income surged by 52% from ₦126.4 billion in Q1 2022 to ₦191.6 billion in Q1 2023, while non-interest income expanded by 27% from ₦57.2 billion to ₦72.8 billion. The growth in interest income can be attributed to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.

Regarding efficiency, the cost-to-income ratio improved from 55% to 53.4% in the current period, supported by a bolstered income line. The cost of risk also moderated from 0.8% to 0.7% during the same period due to an enlarged loan book. However, the cost of funding doubled YoY from 1.3% in Q1 2022 to 2.7% in Q1 2023, owing to a considerable spike in interest rates between both periods as interest expense grew from ₦25.8 billion in Q1 2022 to ₦70.8 billion in Q1 2023. This impacted the net interest margin (NIM), which reduced from 7.3% to 6.9% over the same period.

Total assets expanded by 9% from ₦12.29 trillion in December 2022 to ₦13.36 trillion in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings. Customer deposits increased by 2% from ₦8.98 trillion in December 2022 to ₦9.14 trillion in March 2023.
Loans and advances also experienced marginal growth of 1% from ₦4.12 trillion in December 2022 to ₦4.15 trillion in March 2023 as customers continued to adjust to the full impact of higher rates on risk assets. Both the capital adequacy and liquidity ratios remained robust at 19.5% and 72%, respectively, with both prudential ratios comfortably exceeding regulatory thresholds.

In 2023, the Group will maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers.
Zenith Bank’s consistent record of outstanding performance has garnered numerous accolades for the brand, including being acknowledged as the Number One Bank in Nigeria by Tier-1 Capital for the 13th consecutive year in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine. The bank has also received the Bank of the Year (Nigeria) title in The Banker’s Bank of the Year Awards 2020 and 2022, as well as the Best Bank in Nigeria award for three consecutive years, from 2020 to 2022, in the Global Finance World’s Best Banks Awards.

Related Topics:
Continue Reading

PRESS RELEASE

NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

Published

5 days ago

on

May 26, 2023

By

NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

It was a glamorous event as the Managing Director of AKMODEL GROUPS, Builder (Dr.) Abdulhakeem Odegade graced the 11th Annual Integrity Lecture And Award Night 2023, hosted by Nigerian Association Of Christian Journalists.

The event which took place at Sheraton Hotel and Tower, Ikeja with Theme: Integrity Is Everything and keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society had many dignitaries in attendance.

Builder (Dr.) Abdulhakeem Odegade amongst many awardees was awarded the Man Of Integrity Of The Year Award (Real Estate).

Other awardees were: Rev. Dr. Soul Nzomimbaye (TH.D), Dr. Mrs Adenike Adeagbo, Hon. John Ifechukwu Nwokoye ILon, Otunba Adesina Ademuyiwa, Apostle Dr. Grace Onuoha just to mention a few.

AKMODEL GROUPS consist of AKMODEL Homes and Properties, AKMODEL Builders and AKMODEL Farms.

They also have landed properties in: Lagos State (Ibeju Lekki, Epe), Uyo, Ibadan, Awka, Abeokuta, Ilorin, Enugu, Ghana and still counting.

SOLIN MEDIA

Continue Reading

PRESS RELEASE

Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

Published

7 days ago

on

May 25, 2023

By

Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

 

The golden fish that has no hiding place that he is, Builder (Dr.) Abdulhakeem Odegade, M.D of AKMODEL GROUPS, is set to receive another award at the 11th Annual Integrity Lecture And Award Night 2023 by Nigerian Association Of Christian .Journalists (NACJ2023).

 

This event will take place at Sheraton Hotel and Tower, Ikeja with the keynote speaker being none other than the doyen and symbol of journalistic excellence, Dr. Reuben Abati, who will be speaking on the Theme: Integrity Is Everything with keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society.

 

Recall that barely a fourthnight ago, Bldr. (Dr.) Abdulhakeem Odegade was honoured with Man Of The Year And Excellence Award (Real Estate Entrepreneur 2023) at the Real Estate Conference And Recognition Award (RECRA 2023).

Continue Reading

PRESS RELEASE

Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

Published

2 weeks ago

on

May 16, 2023

By

Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

Builder (Dr.) Abdulhakeem Odegade and other dignitaries from different walks of life created a great experience at the prestigious Real Estate Conferences And Recognition Award ceremony (RECRA 2023) which took place yesterday Sunday, May 14th at The Civic Centre in Victoria Island, Lagos.

The event started with Bldr. (Dr.) Odegade who was the Chairman of the occasion, welcomed everyone to the event which had speakers to thrash the theme of the event which was: Real Estate Market: Prospects In The Midst Of Challenges.

The Chief Speaker, Mr. Oluwale Oloyede (MD/CEO of GreenPasture Homes, Abuja) was represented by their General Manager, Mr. Muyiwa Olaiya and he did justice to the theme.

The event also had other distinguished dignitaries gracing the event such as; the representative of the Executive Governor of Lagos State, His Excellency, Gov. Babajide Sanwo-Olu, Paul Obazele (Brand Ambassador of AKMODEL GROUPS), Favour Benson (Akmodel Media Consultant), Kayode Olasehinde popularly known as Pa James, a veteran Yoruba comic actor and film producer.

Also not left out are representatives from Highbridge Homes LTD., Dukiya Investment LTD., Green Atlas LITD., Pelican Valley Estates Nigeria LTD and other real estate companies just to mention a few..

 

Most of the attendees were also awardees who were honoured in different categories in the real estate sector.

Bldr. (Dr.) Abdulhakeem Odegade was awarded the real estate excellence award as Most Innovative And Reliable Real Estate Entrepreneur Of The Year.

The event was both educative and entertaining with different side attractions such as Comedians: Mc Kirikiri and Mc Pato, the DJ too was on point to liven up the event.

The event was powered by Prestige Real Estate News.

Continue Reading

Trending