In a clear demonstration of its industry leadership and consistency in providing superior
financial returns, Zenith Bank Plc has announced its audited results for the half-year ended
30 June 2022, recording an astounding double-digit growth of 17% in gross earnings from
N346 billion reported in H1 2021 to N405 billion in H1 2022. This is in spite of a very
challenging macroeconomic environment.
According to the bank's audited half-year financial results presented to the Nigerian
Exchange (NGX) on Tuesday, 23rd August 2022, this growth was underpinned by a 19%
YoY growth in interest income from NGN204 billion to NGN242 billion and an 18% YoY
growth in non-interest income from NGN127 billion to NGN149 billion. The growth in interest
income was driven by the modest increase in the loan book and improved interest margins.
The increase in non-interest income attests to the Group’s success in its income
diversification strategy.
Profit before tax (PBT) grew 11% year-on-year (YoY) from NGN117 billion to NGN130
billion. Earnings per share (EPS) also grew from NGN3.38 to NGN3.55 over the same 6-
month period.
The Group also recorded an 11% year-to-date (YtD) increase in total customer deposits to
close the period at NGN7.15 trillion. The retail strategy of the Group continues to deliver
outstanding results as retail deposits grew by 17% YtD from NGN1.82 trillion to NGN2.13
trillion. Retail activities also supported the growth recorded in fees on electronic products
which grew by 45% YoY from NGN17 billion to NGN25 billion.
Despite the elevated yield environment, the cost of funds increased only marginally from
1.3% in June 2021 to 1.4% in June 2022. The increase in the cost of funds was lower than
the increase in yields on interest-generating assets, giving rise to an improved Net Interest
Margin (NIM) of 7.1% from 6.4% in June 2021.
Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the
end of December 2021. Despite the headwinds imposed by the operating environment, the
Group grew its risk assets as gross loans grew by 5% YtD, from NGN3.5 trillion to NGN3.7
trillion. This was achieved at a moderate NPL ratio of 4.4% (FYE 2021: 4.2%) and cost of
risk of 1.4% (June 2021: 1.3%). Prudential ratios such as liquidity and capital adequacy also
remained stable and well-above regulatory thresholds at 60.5% and 21.0% respectively.
The Group is focused on advancing its digital banking strategy anchored on a strong
technology base, and intends to consolidate on the gains achieved in prior years across all
business segments. Combined with the Group’s industry leadership, we expect this to drive
improved performance and deliver enhanced returns to stakeholders.

Zenith Bank's track record of excellent performance has continued to earn the brand
numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1
Capital, for the 13 th consecutive year, in the 2022 Top 1000 World Banks Ranking published
by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to
2022, in the Global Finance World's 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 'Financial Services' 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, Bank of the Year (Nigeria) in The Banker's Bank of the
Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other
Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People's Choice) at the
ThisDay Awards 2020 and emerged winner in four categories at the Sustainability,
Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for "Best
Company in Reporting and Transparency", "Best Company in Infrastructure Development",
"Best Company in Gender Equality and Women Empowerment", and the coveted "Most
Responsible Organisation in Africa.