Zenith Bank Grows Profit by 202% to N677bn

Zenith Bank Grows Profit by 202% to N677bn

Zenith Bank Plc grew its annual profit by more than 202% year on year to about N677 billion, according to details from the company’s audited financial statement submitted to the Nigerian Exchange.

The solid annual profit growth was supported by increase in interest rate which pushed net interest income upward. Zenith Bank net interest income grew to N736.182 billion in 2023. This represents more than 100% annual growth above previous record of N366.627 billion.

Though, the bank core business earnings increased strongly, the overall earnings scorecard was lifted by large revaluation gains following the devaluation of the Nigerian naira. 

Zenith Bank double down trading gains to about N567 billion in 2023 from less than N213 billion its posted in the comparable year in 2022. Its net income on fees and commission declined to N109 billion from about N133 billion 12 months earlier, details from the audited results showed.  Naira Slides as Nigerians Import Appetite Rises