Details from the company’s audited financial statement published to the Nigerian Exchange show that Zenith Bank Plc increased its yearly profit by more than 202% year over year to over N677 billion.
An increase in interest rates, which increased net interest income, helped to sustain the strong yearly profit growth. In 2023, Zenith Bank’s net interest income increased to N736.182 billion. This is a yearly gain of more than 100% above the previous record of N366.627 billion.
Large revaluation gains following the devaluation of the Nigerian naira helped to improve the overall profits scorecard even if the bank’s core business earnings climbed significantly.
Zenith Bank double down trading gains to about N567 billion in 2023 from less than N213 billion its posted in the comparable year in 2022. Its net income on fees and commission declined to N109 billion from about N133 billion 12 months earlier, details from the audited results showed.
