{"id":70456,"date":"2023-03-29T12:25:50","date_gmt":"2023-03-29T11:25:50","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=70456"},"modified":"2023-03-29T12:25:50","modified_gmt":"2023-03-29T11:25:50","slug":"zenith-bank-pays-n2-90k-dividend-as-gross-earnings-rose-to-n945-5bn-in-2022","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-pays-n2-90k-dividend-as-gross-earnings-rose-to-n945-5bn-in-2022\/","title":{"rendered":"Zenith Bank Pays N2.90k Dividend As Gross Earnings Rose To N945.5bn In 2022"},"content":{"rendered":"
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In line with positive growth trajectory, Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24 per cent in gross earnings, from N765.6 billion reported in the previous year to N945.5 billion in 2022.<\/p>\n<\/div>\n

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This result came on the hills of persistent challenging macroeconomic environment and headwinds.<\/p>\n<\/div>\n

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Zenith Bank MD\/CEO, Mr. Ebenezer Onyeagwu<\/figcaption><\/figure>\n

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26 per cent year-on-year (YoY) growth in interest income from N427.6 billion to N540.2 billion and a 23 per cent year-on-year (YoY) growth in non-interest income from N309 billion to N381 billion.<\/p>\n<\/div>\n

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Profit before tax also grew by two per cent from N280.4 billion to N284.7 billion in the current year. The increase in profit before tax was due to the significant growth in all the income lines.<\/p>\n<\/div>\n

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It also showed that impairments grew by 107 per cent from N59.9 billion to N124.2 billion, while interest expense grew 63 per cent year-on-year from N106.8 billion to N173.5 billion, respectively. The bank explained that the impairment growth, which also resulted in an increase in the cost of risk (from 1.9% in 2021 to 3.3% in the current year), was due to the impact of Ghana\u2019s sovereign debt restructuring programme.<\/p>\n<\/div>\n

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The growth in interest expense increased the cost of funds from 1.5 per cent in 2021, to 1.9 per cent in 2022, due to hikes in interest rates globally.<\/p>\n<\/div>\n

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Zenith Bank\u2019s customer deposits increased by 39 per cent, growing from N6.47 trillion in the previous year to N8.98 trillion in the current year.<\/p>\n<\/div>\n

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The growth in customer deposits came from all products and deposit segments (corporate and retail), thus consolidating the bank\u2019s market leadership and indicating customers\u2019 trust.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n
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The continued elevated yield environment positively impacted the bank\u2019s Net-Interest-Margin (NIM), which grew from 6.7 per cent to 7.2 per cent due to an effective repricing of interest-bearing assets.<\/p>\n<\/div>\n

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Its operating expenses grew by 17 per cent year-on-year, but growth remains below the inflation rate. Its total assets increased by 30 per cent, growing from N9.45 trillion in 2021 to N12.29 trillion, mainly driven by growth in customer deposits.<\/p>\n<\/div>\n

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With the steady and continued recovery in economic activities, the Group prudently grew its gross loans by 20 per cent, from N3.5 trillion in 2021 to N4.1 trillion in 2022, which increased its non-performing loan (NPL) ratio modestly from 4.2 per cent to 4.3 per cent year-on-year.<\/p>\n<\/div>\n

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The capital adequacy ratio decreased from 21 per cent to 19 per cent, while the liquidity ratio improved from 71.2 per cent to 75 per cent. Both prudential ratios are well above regulatory thresholds.<\/p>\n<\/div>\n

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\u201cIn 2023, the Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally.<\/p>\n<\/div>\n

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\u201cAs a testament to its commitment to shareholders, the bank has announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share,\u201d the bank revealed.<\/p>\n<\/div>\n

In recognition of its track record of excellent performances, Zenith Bank was recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker\u2019s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World\u2019s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance\u2019 Financial Services\u2019 Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People\u2019s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.<\/p>\n","protected":false},"excerpt":{"rendered":"

In line with positive growth trajectory, Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24 per cent in gross earnings, from N765.6 billion reported in the previous year to N945.5 billion in 2022.<\/p>\n","protected":false},"author":6,"featured_media":25930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[627],"coauthors":[2391],"class_list":["post-70456","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-zenith-bank"],"yoast_head":"\nZenith Bank Pays N2.90k Dividend As Gross Earnings Rose To N945.5bn In 2022 - National Wire<\/title>\n<meta name=\"description\" content=\"In line with positive growth trajectory, Zenith Bank Plc has announced its audited results for the year ending\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-pays-n2-90k-dividend-as-gross-earnings-rose-to-n945-5bn-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zenith Bank Pays N2.90k Dividend As Gross Earnings Rose To N945.5bn In 2022 - 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