Zenith Bank Plc, one of Nigeria’s largest banks, published its audited accounts for the fiscal year 2023, showcasing gross earnings of N2.13 trillion.
This represents a growth of 125.4% year on year and is the highest gross earnings ever reported in the company’s history.
The bank also reported a net interest income of approximately N736.18 billion, more than double what was reported in the previous year.
Profit after tax for the period under review rose by 202% to N679.9 billion, setting another significant record for the company.
Furthermore, the group accrued an FX revaluation gain of N228.98 billion, marking a substantial appreciation from the N25.2 billion gain accrued in 2022.
Key Highlights (FY 2023 vs FY 2022)
Zenith Bank’s exceptional performance can largely be attributed to a significant surge in its interest income, where it amassed a staggering N1.1 trillion.
The bank also reported N566.9 billion from trading gains. Interest income from treasury bills in 2023 soared to N179.0 billion, representing a 310.4% growth from the N43.6 billion recorded in 2022.