Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March
2022, with an impeccable growth of 22% in Gross Earnings from N157.3 billion reported in Q1
2021 to N191.5 billion in Q1 2022.
From the unaudited statement of account presented to the Nigerian Exchange (NGX) on
Thursday, 28th April 2022, the strong double-digit growth in the topline culminated in an
increase in the bottom line, as the Group recorded an 11% Year-on-Year (YoY) increase in
profit before tax, growing from N61.02 billion in Q1 2021 to N67.99 billion in Q1 2022.
Profit after tax also grew by 10%, from N53.06 billion to N58.19 billion over the same period.
The growth in the topline arose from both interest income and non-interest income. Interest
income grew by 25%, from N101.12 billion in Q1 2021 to N126.38 billion in Q1 2022, while non-
interest income grew by 12%, from N51.20 billion to N57.23 billion. The growth in interest
income and non-interest income arose from the combined effects of an improvement in interest
income on loans and advances (as risk assets continue to grow and pricing is gradually
improving) and an improvement in non-interest income as the Bank continues to deploy its
retail strategy, thereby acquiring more customers and expanding its electronic banking income
from the increased volume of transactions across all its channels.
Total assets grew by 9% from N9.45 trillion to N10.32 trillion in 2022, mainly driven by growth in
customers’ deposits. Customer deposits grew by 12%, from N6.47 trillion in December 2021 to
N7.25 trillion in March 2022. Savings account balance, which is solely retail grew by over N68
billion and is a validation of the robust customer acquisition strategy and versatile electronic
platforms and digital channels.
Loans and advances also grew by 6%, from N3.5 trillion in December 2021 to N3.7 trillion in
March 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-
yielding risk assets creation. This development also helped to boost the net interest margin
(NIM), as it improved from 6.0% in March 2021 to 7.3% in the current period, while the capital
adequacy ratio improved slightly from 21.1% to 22.1%.
Going into the remainder of 2022, the Group will continue to focus on sustainable growth
across all its business segments and deploy technology platforms and digital assets intuitively
to serve its various customers’ needs to deliver enhanced returns to its stakeholders.
Zenith Bank’s track record of excellent performance has earned the brand numerous awards,
including being voted as Best Bank in Nigeria in the Global Finance World’s Best Banks
Awards, for three consecutive years from 2020 to 2022, Best Commercial Bank in Nigeria in the
World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the
Year Awards 2020, and Best in Corporate Governance’ Financial Services’ Africa 2020 and
2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brand
in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank
in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker
Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial
Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay
Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and
Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in
Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company
in Gender Equality and Women Empowerment”, and the coveted “Most Responsible
Organisation in Africa.
