Zenith Bank demonstrate resilience with 82.22% Growth in pre-tax profit in 2023 Quarter three

Continuing its rising trend for the year, leading financial services provider, Zenith
Bank (Ghana) Ltd. has posted an outstanding financial performance for the period ending 30th september, 2023.

The results, the Bank says, serve as a demonstration of its unwavering commitment to excellence as well as the confidence reposed in the Bank by its loyal customers, especially in light of economic challenges in the preceding fiscal year. The Bank witnessed a noteworthy resurgence in income growth, with net interest income, a cornerstone of its 01*rations. soaring to GH€ 735.3 million at the close of the consideration.

This represents a substantial 40.83 percent increase from the GMC 522.1 million recorded in the previous year. The development was attributed to Zenith Bank’s steadfast dedication to q»timising its lending portfolio and delivering exceptional financial services to its diverse range of clients. In an interview with the Managing
Director / Chief Executive Officer
(MD/CEO) of the Bank, Mr. Henry
Onwuzurigbo. the MD/CEO
stated. “Our Bank’s Strategy has always emphasized the diversification of income streams.”
He pointed to the mammoth 254.69 percent rise in net trading and Other income from 74.77 million to GHC265.2 million on a year-on-year (YOY) basis as a clear indicator and added, “this not only highlights the annk’s capability to meet a wide spectrum of financial needs but also signifies our commitment to providing holistic financial solutions.”
These combined to push Zenith Bank’s operating income and pre-tax profit to GEICI.14 billion and 734.6 million respectively – 61.34 percent and 82.22 percent above the previous year’s GH€707.7 million and million.

During the period, Zenith Bank’s total assets grew to 12.03 billion -14.57 higher than the GHC 10.5 billion recorded during the comparable period of largely driven 2022. This was
majorly by investment securities which increased by GH€ 634.9 million to 5.6 billion representing a 12.8 percent growth.

The Bank’s liabilities surged by 19.8 percent in the third quarter Of the latest financial year, primarily driven by growth in deposits from customers. which amounted to GHC 10.2 billion, from September 2022 figure of c,H$ 8.4 billion. This surge in customer deposits, a 21.42 percent growth. demonstrates the trust and confidence the Bank’s clientele has in its financial stability and excellent customer service.

Furthermore, the Liquid Ratio, which reflects a Banks ability to meet its short-term obligations, improved from 76 percent in 2022 to 85 in 2023. The Ehnk’s Capital Adequacy Ratio (CAR) Of 23.28 percent is higher than the regulatory limit Of 10 percent and industry average of 14.2 percent and signals the Bank’s strength in withstanding shocks. The
Non-Performing Loan to Gross Loan Ratio Of 4.64 percent is far lower than the industry average Of 20 percent and demonstrates the quality of the Bank’s credit portfolio. Undeniably, Zenith Bank is a strong and stable financial institution with a very enviable
financial track record.

Its financial performance and achievements over the past 18 years are an assurance to stakeholders that the Bank is well positioned to further enhance its financial performance
and deliver even more outstanding results in 2023 and beyond.
Zenith Bank Ghana is a subsidiary Of Zenith Bank Plc, head quartered in Nigeria with presence in Other West Africa countries, the Middle East, Asia and Europe. It is a member of the Ghana Deposit Protection Scheme.