Zenith post N677bn profit for full year 2023

Zenith Bank Plc released its 2023FY results yesterday  which showed that the bank maintained its strong performance throughout the year as the group’s profit before tax increased by 202.3% y/y to NGN795.96 billion. Likewise, PAT settled 202.3% y/y higher at NGN676.91 billion. The bank recorded a 125.4% y/y growth in gross earnings, while profit-after-tax settled […]

Zenith Bank Plc released its 2023FY results yesterday  which showed that the bank maintained its strong performance throughout the year as the group’s profit before tax increased by 202.3% y/y to NGN795.96 billion. Likewise, PAT settled 202.3% y/y higher at NGN676.91 billion.

The bank recorded a 125.4% y/y growth in gross earnings, while profit-after-tax settled 202.3% higher y/y.

The performance was supported by balanced growth across income lines as funded and non-funded income surged by 111.9% y/y and 141.2% y/y, respectively.

In addition, the board proposed a final dividend of NGN3.50/s (2022FY: NGN2.90/s), which equates to a dividend yield of 7.6% (ex-WHT) based on the last closing price of NGN41.55/s (8 April).

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Interest income grew to NGN1.14 trillion in 2023FY, driven by a combination of significant growth in earning assets (+50.8% y/y) – primarily supported by loans and advances to customers expansion by 63.4%y/y to NGN6.56 trillion – and improved yield-on-assets (7.6% vs 2022FY: 5.4%).

Consequently, the bank recorded significant growth in income from loans and advances to customers (+81.4% y/y to NGN671.92 billion), while the increase in income from investment securities (+148.3%y/y to NGN390.93 billion) was also supportive of funded income generation.