Zenith Bank’s gross earnings rise by 10%, hit N756bn

Zenith Bank Plc says its gross earnings rose by 10 per cent to N765.6bn as of the end of December 2021, from N696.5bn recorded in the corresponding period of 2020.

A statement by the bank said this was despite a challenging macroeconomic environment aggravated by the COVID-19 pandemic.

The lender its audited financial results for the 2021 financial year presented to the Nigeria Exchange Group showed that this was on the back of a 23 per cent year-on-year growth in non-interest income from N251.7bn to N309bn, and a two per cent YoY growth in interest income from N420.8bn to N427.6bn.

It said profit before tax also grew by 10 per cent from N255.9bn to N280.4bn in the current year.

The increase was due to growth in the top-line and strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12 per cent from N121.1bn in 2020 to N106.8bn in the current year.

This further led to a seven per cent increase in net interest income of N320.8bn in 2021 from N299.7bn in 2020, it added.

The statement said, “Customer deposits increased by 21 per cent, growing from N5.34tn in the previous year to N6.47tn in the current year.

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