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Q3 2023: ZENITH BANK ACHIEVES EXCEPTIONAL TRIPLE-DIGIT GROWTH IN TOPLINE AND BOTTOM LINE PERFORMANCE
Published
1 month agoon

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.
According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023. Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period.
The growth in the topline arose from both interest income and non-interest income. Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion. The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period. Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets.
Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023. The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023.
Gross loans increased by 48% from N4.1 trillion in December 2022 to N6.1 trillion in September 2023 due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8% in the period ended 30 September 2023, which is well below prudential limits. Net interest margin (NIM) printed at 5.6% from 6.2% reported in September 2022 due to low yield in government securities. Capital adequacy ratio improved marginally to 20.1% from 19.8% while liquidity ratio declined from 75% to 68%. However, all our prudential ratios remain above regulatory thresholds.
The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s 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’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; 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; Bank of the Year 2023 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 Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, 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.
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Trending News
Oba Saheed Elegushi Throws Surprise Birthday Soiree for Wife Olori Hazida Elegushi
Published
2 days agoon
December 5, 2023
Who knew Oba Saheed Ademola Elegushi had worshipped in the temple of Venus; the ancient Greek god of love to have known so much about the letters and intrigues of Love; the Elegushi of Ikate Kingdom showing the romantic side of him to his wives on their birthday is almost like a norm for him as he is not afraid to share in their pot full of joy at any given time.
Yesterday Monday the 4th of December, his second wife, Olori Hazida Yakassai- Elegushi sauntered into a new age on Mother Earth. while in a celebration mood, the beautiful Olori never knew the cosmopolitan Elegushi king had something in place for her already as he had extended invites to her few circle of friends, family and associates to a small dinner soiree at a highbrow Dunes Restaurant in Abuja.

Olori Hadiza Elegushi
Olori Hadiza was caught off guard as she walked majestically to see her people all seated to surprise her by singing birthday songs to her. She was stunned as friends and family took turns to speak and admonish her strong virtue as a beautiful woman in and out and Oba Saheed was also gushing over her as he said beautiful words to his wife. It was a very cosy ambience for the duo as they both stormed the dance floor to dance while onlookers were having fun in a celebratory mood.
Olori Hadiza never failed to show gratitude as she thanked her husband for putting smiles on her face and promised to continue to love him till eternity. Those who attended were feted with the very best of continental cuisine and high-cost drinks.
Business
The Address Homes deliver another project, Ikoyi Crescent on Record time
Published
2 days agoon
December 5, 2023
In line with its tradition of providing regal and lavishly built luxury housing brands in its bid to bridge the gap in the housing deficit in the country, The Address Homes Limited, Nigeria’s leading real estate development firm dedicated to the attainment, development, and management of bespoke deluxe contemporary homes, has completed and delivered yet another project in Ikoyi Crescent in a very efficient and timely manner.
Known as The Address Homes Wemabod Estate and located on Ikoyi Crescent, Lagos, the property uniquely designed to give homeowners that serene environment and luxury taste, is on two non-contiguous plots of land designated 37A, Ikoyi Crescent (measuring 2,343m2) and 37C, Ikoyi Crescent (measuring 2,130m2).
Speaking on the completion of the project, the Chairman and founder of The Address Homes Limited, Dr. Bisi Onasanya stated that the company is committed to delivering luxury homes that meet the highest standards of quality and functionality on record time.
He also stated that the company’s attention to detail and commitment to customer satisfaction have earned them a reputation as one of the country’s leading real estate development firms.
“At The Address Homes, we believe in the power of real estate as a tangible asset that builds equity and sets you up for long-term success.
“We evolve concepts that take account of each customer’s taste, budget, time frame, market environment, and the opportunities available.
“We have successfully delivered numerous contemporary homes in the Ikoyi, Banana Island area and another fabulous four, namely; The Luxuria by The Address Homes, Dan and Dan Apartments by the Address Homes, Aunty Ayo, Manuwa Park and Harold Shodipo, GRA are at finishing stages,” Onasanya stated.
On his part, the Managing Director, Wemabod Limited, Mr. Oluyemi Ejidiran commended The Address Homes for delivering quality housing to Nigerians as he described the engagement with The Address Homes as the best fit given its pedigree in the built industry.
He said, “The choice of The Address Homes on this project is quite strategic given its experience and professionalism in the built sector. We are glad that they’ve not only delivered in record time, but notably, the delivery is even coming earlier than they promised.”
Located in a very serene environment directly opposite the official residence of the State Deputy Governor, the roundabout around the area, which serves as the meeting point of Gerrard Road and Ikoyi Crescent, off Alfred Rewane Road, Ikoyi, Lagos, affords good access to Lagos Island, the Third Mainland Bridge, Victoria Island and the Lekki-Ajah axis through the Lekki Link Bridge. This makes the property an attractive option for those seeking a well-connected and tranquil living environment in Lagos.
The property, with a total of 18 units of luxury apartments comprising: 10 units of four-bedroom terrace houses (each with one maid’s apartment); four units of five-bedroom (each with an additional two maid’s apartments) semi-detached buildings; and four units of five-bedroom (each also with additional two maid’s apartments) fully-detached buildings, interestingly, has been sold out already.
The Address Homes Wemabod comes with world-class amenities such as Wet and Dry Kitchen, Ample Parking Space, Double Volume Master Bedroom, Communal Swimming Pool and it is fully Secured.
Buoyed with its unwavering reliability and dedication to quality, custom-tailored homes, which have made The Address Homes one of the highly respected companies in the property development business, the company’s commitment to excellence and customer satisfaction has earned them numerous awards and recognition in the real estate industry.
The Address Homes is a luxury brand known for integrity, professionalism, excellence and timely delivery of excellent jobs.
The firm has delivered over 250 homes to Lagosians on Bank Road in Ikoyi, Banana Island Ikoyi close 107, Banana Island Road, Ikoyi, Banana View, Femi Okunu, Victory Park Lekki, Alma Beach Lekki, Banana Island Ikoyi close, Elegushi-Ikate Lekki, Taiye Olowu and Wemabob Estate.
The firm has extended construction to Ikeja and some parts of Ajah. Currently, the projects in Harold Shodipo, Ikeja GRA, and Aunty Ayo, Keffi Street, Ikoyi aimed at contributing 101 units to South West Ikoyi by 2023 are at finishing points.
Business
FirstBank UK Adopts Bloomberg TOMS to Optimize Fixed Income Workflow
Published
2 days agoon
December 5, 2023
Bloomberg announced today that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, the premier West African bank,
has adopted Bloomberg’s Trade Order Management System (TOMS). By integrating TOMS into
its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics,
communications, as well as order and execution management solutions, enabling it to
streamline its fixed-income bonds business.
FirstBank UK is a niche market-maker to its customers in Africa. The business provides market
liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to
manage risk and optimize its inventory. Thanks to Bloomberg’s coverage, TOMS enables the
trading desk of FirstBank UK to support its client base and to monitor its positions, profit and
loss (P&L) and Risks.
“By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a
complete end-to-end trading workflow covering African bonds in most of our home markets,”
said Olukorede Adenowo, CEO-designate at FirstBank UK.“ The solution enables us to focus on
expanding our footprint in the African Fixed Income landscape and delivering a first-in-kind service
to our customers in Africa.“We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with
our award-winning sell-side order management solution TOMS,” said Lisa Bravo, Global Head
of Sell-Side OMS at Bloomberg.
“TOMS empowers firms to create a seamless workflow from
their front and middle-office, through to their operations and enterprise applications, while
concurrently delivering their front office users with real-time execution, risk and P& analytics.”
FirstBank UK has further digitized its order management workflow by offering clients access to
liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with
Bloomberg TOMS to centralize order handling and aggregated custom analytics and
liquidity tools within a single interface, to be hosted and connected to multiple trading venues.
“The integration of TOMS with our custom-built electronic trading platform, allows our customers
real-time access to liquidity in our markets, something unique to the majority of our customers,”
said Robert Hagenaars, Head of Markets at FirstBank UK.
For additional information about Bloomberg’s sell-side solutions, please click here.
About Bloomberg Bloomberg is a global leader in business and financial information, delivering trusted data,
news, and insights that bring transparency, efficiency, and fairness to markets. The company
helps connect influential communities across the global financial ecosystem via reliable
technology solutions that enable our customers to make more informed decisions and foster
better collaboration. For more information, visit Bloomberg.com/company or request a demo.


Oba Saheed Elegushi Throws Surprise Birthday Soiree for Wife Olori Hazida Elegushi

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