Table of Contents
Zenith Bank Plc, a financial services group led by Nigerian banking tycoon Jim Ovia, announced that its profit in the first half of 2022 surpassed N111.4 billion ($264 million). The improved figures come as the bank continues to create value through its income diversification strategy after reporting a profit of N58.2 billion ($140.1 million) in the first quarter of 2022.
Zenith Bank, Nigeria’s most successful bank, stated in a recently published financial statement that its profit after tax in the first half of 2022 increased by five percent to N111.41 billion ($264.5 million) from N106.1 billion ($252 million).
The rise in the bank’s profit in the first half of 2022 can be attributed to a 17-percent increase in its gross earnings, which rose from N345.56 billion ($820.4 million) to N404.76 billion ($961 million) on the basis of higher interest and non-interest revenues.
The bank stated that the increase in interest income was due to a slight increase in its loan book and higher interest margins, while the increase in non-interest income was due to the group’s success in its income diversification plan.
During the period under review, Zenith Bank, which led by Ovia, who owns a 16.2-percent stake worth over N112 billion ($265.9 million) in the company, recorded an 11-percent year-to-date rise in total customer deposits to close at N7.15 trillion ($17 billion).
The increase in client deposits may be credited to the group’s retail strategy, which continues to provide strong results, as retail deposits climbed by 17 percent from N1.82 trillion ($4.32 billion) to N2.13 trillion ($5.05 billion).
Zenith Bank is Nigeria’s most valuable financial services firm, with a market valuation of N691 billion ($1.64 billion). Its total assets climbed by seven percent, from N9.45 trillion ($22.4 billion) to N10.17 trillion ($24.14 billion) during the period under review.
As a result of the sound financial performance, the board of directors suggested an interim dividend of N0.30 ($0.000712) per share, which will be paid from the group’s retained earnings of N592.2 billion ($1.41 billion) as of June 30.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now
