In its recent audited results, Zenith Bank disclosed that it had grown its gross earnings by 24 percent to N945.5 billion in 2022 from N786.6bn the previous year
The bank announced its commitment to shareholders by proposing a final dividend payout of N2.90 per share, which is an increase over the previous year's total payout of N3.15 per share .
Despite the difficult economic environment and headwinds, it said the bank achieved double-digit growth.
It stated that, “According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange, the double-digit growth in gross earnings was driven by a 26 per cent year-on-year growth in interest income from N427.6bn to N540.2bn and a 23 per cent year-on-year growth in non-interest income from N309bn to N381bn.
“Profit before tax also grew by two per cent from N280.4bn to N284.7bn in the current year. The increase in profit before tax was due to the significant growth in all the income lines.”
The bank’s impairments increased by 107 per cent from N59.9bn to N124.2bn, while interest expense grew 63 per cent YoY from 106.8 billion to 173.5 billion naira respectively.
