Zenith Bank Plc reports profit of N58.20 billion in Q1 2022

Nigerian lender, Zenith Bank Plc, has released its Q1 2022 financial result, which revealed a profit of N58.20 billion in Q1 2022. This reflects a 9.68% increase year on year.

The bank also reported earnings per share of N1.85, a 9.47% growth from the N1.69 reported a year earlier in Q1 2021.

The statement revealed that in Q1 2022, net interest income grew by 20.89% from N83.17 billion to N100.54 billion in the current period. Zenith Bank’s profit performance is on the back of margin all growth as income from interest, trading income and fees and commission income all appreciated year on year.

Key highlights of its results

• The Nigerian lender earned N126.38 billion, from its lending business as Interest income grew by 24.91% from N101.18 billion.
• Despite the 75.33% growth in loan losses during the period, net interest income after impairments appreciated by 18.24% to stand at N93.78 billion.
• Zenith Bank, however, grew its income from commission and fees rising 23.12% to N41.40 billion year on year and also generating a total of N32.60 billion from trading income as against N12.58 billion year on year, representing an increase of 159.23%.
• However, income from loan recovery stood at N1.23 billion, a decline from N2.90 billion in Q1 2021.
• The group’s e-business income raked in N14.78 billion, representing a 32.79% spike from N11.13 billion in Q1 2021. This indicates that the bank’s use of e-banking channels in the delivery of financial services to its customers has improved.
• Also, income from current account maintenance and credit-related fees & commissions stood at N9.27 billion and N5.19 billion, respectively during the period.
• In addition, the group also grew its deposits from customers by a whopping 27.83% to N7.25 trillion while its total assets are now N10.32 trillion. Net assets rose 21.85% to N1.33 trillion.

Zenith Bank Plc last traded at N24.55 per share and its market capitalization stands at N770.78 billion as of Thursday, April 28, 2022. Year-to-date performance shows that the share price of the company has depreciated by 2.39%.