Zenith Bank Plc reported its 2023 Half-year results showing pre-tax profits grew by 169.50% year on year, reaching N350.36 billion.
Key highlights H1 2023 vs. H1 2022:
Gross earnings; N967.261 billion +138.97% YoY
Interest Income N415.425 billion +71.86% YoY
Interest Expense; N153.564 billion +169.49% YoY
Net interest income; N261.861 billion +41.74% YoY
Net impairment charges on the fin. & Non-fin assets N207.925 billion +727.66% YoY
Net interest income after impairment loss on Fin & Non-fin assets N53.936 billion
Net income on fees and commission N43.923 billion, -31.85% YoY.
Trading Gains N103.025 billion, +20.93 YoY
Other operating income N368.745 billion
Profit for the period N291.731 billion +161.85% YoY.
Loans and advances N5.052 trillion +25.86%.
Cash and Balances with CBN N2.730 trillion +24.01%
Total Assets N16.032 trillion +30.49%.
Customers’ deposits N11.626 trillion +29.53%.
The substantial growth in pre-tax profit can be attributed to the significant growth in other operating income, primarily driven by N356 billion foreign currency revaluation gains in H1 2023, compared to a loss of -N6.245 billion in H1 2022
Also, the bank’s interest income surged by 72% YoY due to increased earnings from customer loans and advances, significantly boosting its overall interest income.
However, the bank experienced substantial growth in net impairment charges on financial and non-financial assets, primarily driven by higher impairment charges on loans and advances.