Zenith Bank Plc, yesterday, announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023.
This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.
According to the bank’s unaudited half-year financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.5bn in Q3 2022 to N505bn in Q3 2023. Profit after tax also grew by 149% from N174.3bn to N434.2bn in the same period.
Interest income grew in the current period by 72% to N670.9bn from N390.8bn in Q3 2022, while non-interest income grew by 186% from N212bn to N607.2bn.
The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.
The non-performing loan ratio improved to 3.8% in the period ended 30 September 2023, which is well below prudential limits.
The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.