The Nation Newspaper Zenith Bank's Q3 profit hits N505 billion
has achieved N505 billion profit before tax in its unaudited results for the third quarter ended September 30, 2023. This represents 149 per cent significant leap from N202.5 billion it achieved in the third quarter of 2022.
According to the bank’s unaudited half-year financial results presented to the Nigerian Exchange , the triple-digit growth in the topline also enhanced the bottom line. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8 per cent in third quarter 2022 to 37.8 per cent in the current period.
Gross loans increased by 48 per cent from N4.1 trillion in December 2022 to N6.1 trillion in September 2023 due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8 per cent in the period ended 30 September 2023, which is well below prudential limits.Net interest margin printed at 5.6 per cent from 6.
It equally won the Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
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