Zenith Bank reports 202.3% increase in profit

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Zenith Bank Plc released its 2023FY results, demonstrating continued strong performance throughout the year.

The group’s profit before tax surged by 202.3% year-on-year (y/y) to NGN795.96 billion, with profit after tax (PAT) also settling 202.3% higher y/y at NGN676.91 billion. The bank achieved a remarkable 125.4% y/y growth in gross earnings, while profit-after-tax increased by 202.3% y/y.

The significant growth in income from loans and advances to customers, up by 81.4% y/y to NGN671.92 billion, contributed to the bank’s robust performance. Additionally, the increase in income from investment securities, rising by 148.3% y/y to NGN390.93 billion, further supported funded income generation for Zenith Bank Plc.

Source: Vanguard

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