Zenith Bank Grows Revenue By 19.64% To N620.57bn

… As Assets Rise To N11.3trn

Zenith Bank Plc has posted N620.57bn revenue in the nine months of 2022 as profit hits a record 12-month high.

The bank disclosed this in its nine months financial statement for 2022 released on Thursday.

The lender experienced a 19.64 per cent growth in revenue from N518.6bn in the first nine months of 2021 to N620.57bn in September 2022.

Net profit also rose 8.55 per cent to N174.3bn in September 2022 as against the N160.59bn recorded last year.

According to the bank’s financial report, between July to September 2022 alone, the bank realised N215.8bn revenue, while the profit after tax for the three months rose to N62.9bn.

The growth recorded by the lender in nine months was hinged on the rise in interest income which went up to N390.75bn in September 2022 from N308.8bn recorded in the corresponding quarters of last year.

During the period, total assets of Zenith rose by per cent to N11.34trn from the N8.75trn recorded in September 2021.

The growth in the assets was boosted by growth in the bash and balances with central banks at N1.87trn compared to N1.58trn

The banks investment in treasury bills also rose to N1.95trn from N1.78trn recorded last year September.

The bank increased its loans and advances to customers to N3.88trn from the N3.02trn recorded in September 2021.

Also, the bank witnessed an increase in investment securities to N1.62trn in September 2022 from N962bn during the same period of last year.

Shareholders’ equity rose from N1.18trn in September last year to N1.31trn in 2022.

The bank maintained a healthier cash flow during the period as cash and cash equivalents at the end of September 2022 rose to N1.9trn from N973.8bn recorded in same period of last year.