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Zenith Bank Achieves Record Growth in 2023 with Stellar Financial Performance

Zenith Bank Achieves Record Growth in 2023 with Stellar Financial Performance

12 April, 2024

Zenith Bank Plc has unveiled its audited financial results for the year ended December 31, 2023, showcasing an extraordinary triple-digit surge of 125% in gross earnings, soaring from NGN945.6 billion in 2022 to NGN2.132 trillion in 2023.

The release of these audited figures to the Nigerian Exchange (NGX) revealed a remarkable Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT), leaping from NGN284.7 billion in 2022 to NGN796 billion in 2023. Similarly, Profit After Tax (PAT) witnessed an impressive triple-digit growth of 202%, climbing from NGN223.9 billion to NGN676.9 billion by December 31, 2023.

The surge in gross earnings can be attributed to the expansion in interest and non-interest income streams. Interest income surged by 112%, escalating from NGN540 billion in 2022 to NGN1.1 trillion in 2023, while non-interest income experienced a robust growth of 141%, rising from NGN381 billion to NGN918.9 billion during the same period. This growth was fueled by various factors such as the increase in risk assets size, effective repricing, and the rise in yields of interest-bearing instruments.

Despite the rise in operating expenses by 32% in 2023, Zenith Bank managed to enhance its cost-to-income ratio significantly from 54.4% in 2022 to 36.1% in 2023, thanks to improved top-line performance. The Group's Return on Average Equity (ROAE) surged by 118% from 16.8% in 2022 to 36.6% in 2023, supported by enhanced gross earnings and a commitment to delivering superior shareholder returns. Return on Average Assets (ROAA) also saw a notable increase of 95% from 2.1% to 4.1% during the same period.

Zenith Bank further solidified its market leadership in corporate and retail deposit segments, witnessing a substantial 69% increase in customer deposits from NGN9.0 trillion to NGN15.2 trillion in 2023. The bank's retail focus yielded significant results, with retail deposits now constituting 46% of total deposits and growing by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023.

The Group's total assets surged by 66% from NGN12.3 trillion in 2022 to NGN20.4 trillion in 2023, driven by an uptick in total deposits and the revaluation of foreign currency deposits. Despite the growth in gross loans by 71%, reaching NGN7.1 trillion in 2023, Zenith Bank maintained a stable Non-Performing Loans (NPL) ratio of 4.4%, showcasing resilience amidst a challenging economic landscape.


Zenith Bank's adherence to regulatory standards is evident through prudential ratios within acceptable limits, with Capital Adequacy Ratio (CAR) and liquidity ratio standing at 21.7% and 71.0%, respectively, at the close of 2023. In a bid to reward shareholders, the bank proposed a final dividend payout of NGN3.50 per share, bringing the total dividend to NGN4.00 per share.


Looking ahead to 2024, Zenith Bank is set to finalize its transition to a holding company structure, positioning itself for strategic growth opportunities in the Fintech sector while bolstering digital and retail banking initiatives.