Zenith Bank half-year pre-tax profits jump 169.50% on the back of Forex

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

-66.21% YoY

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.


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