Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2022, recording a remarkable double-digit growth of 20% in gross earnings from NGN518.7 billion reported in Q3 2021 to NGN620.6 billion in Q3 2022. This performance demonstrates the Group’s resilience against a challenging macroeconomic environment.
According to the unaudited account presented to the Nigerian Exchange (NGX), the growth in the topline was driven by interest and non-interest income growth. Interest income grew by 27% from NGN308.8 billion to NGN390.8 billion, driven majorly by growth in risk assets and an improvement in pricing. This also strengthened Earnings Per Share (EPS) by 9% to NGN5.55.
This double-digit growth in the topline also aided the bottom line, as the Group also recorded a 13% year-on-year (YoY) increase in profit before tax, growing from NGN179.8 billion in Q3 2021 to NGN202.5 billion in Q3 2022. Profit after tax equally grew by 9% from NGN160.6 billion to NGN174.3 billion in the same period.
Growth in non-interest income was enabled by the Group’s retail strategy, with continued substantial customer acquisition driving transactions, deposit growth and growth in electronic banking income.
Due to inflationary pressure and the rising cost of doing business, operating costs grew by 17%. However, this was below the growth in gross earnings (20%), thereby facilitating the double-digit growth in the bottom line.
The continuing elevated yield environment affected the cost of funding which increased from 1.4% to 1.7% in the current period. This affected the net interest margin (NIM), which dropped due to the immediate implementation of higher yields on interest-bearing liabilities. However, the NIM is expected to see a correction in subsequent quarters as the assets side is repriced correspondingly.
Total assets grew by 20% from NGN9.45 trillion to NGN11.34 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 24% from NGN6.47 trillion in December 2021 to NGN8.04 trillion in September 2022 due to the market’s confidence in the brand.
Loans and advances also grew by 16% from NGN3.5 trillion in December 2021 to NGN4.06 trillion in September 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. As a result of this growth, the capital adequacy ratio reduced from 21% to 19.1%, while the liquidity ratio reduced from 71.6% to 68.9%. Both prudential ratios remain very strong and are still well above regulatory thresholds.
In the year’s final quarter, management is determined to sustain the strong performance trajectory while adapting to changes in the regulatory environment and focusing on creative initiatives to mitigate inflationary trends, foreign exchange pressures and the growing competitive environment.
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 13th 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.
A’ Ibom Correspondents’ Chapel of NUJ divided over Chairman, Idongesit Ashameri’s dubious leadership, invasion of Congress with DSS.
Akaiso Akaiso, Uyo.
Members of the Correspondents’ Chapel , of the Nigeria Union of Journalists, ( NUJ) Akwa Ibom State Council have petitioned its union leaders over gross misconduct by its chairman comrade Idongesit Ashameri.
The petition dated 20 October, 2022 titled “Gross Misconduct/Abuse of Office” condemned the invitation of undercover DSS officials by Comrade Ashameri to invade and disrupt the Chapel’s monthly Congress.
The petition was addressed to Idongesit Ashameri copied to State Council Chairman ,comrade Amos Etuk , Zone “F” vice president comrade Dokubo and the National President , Nigeria Union of Journalists (NUJ) comrade Chris Iziguzo.
The 28 paragraph petition also alleged that comrade Idongesit Ashameri had displayed despotic style of leadership and always antagonistic with members who disagree with her on matters of welfare to members .
Other acts of misconducts and abuse of office listed in the petition includes: printing of letterhead with inscription “OFFICE OF THE CHAIRMAN ” with intention to defraud members of the public outside official Letter headed paper of the union .
It reads in parts:”That on October 13, 2022, you proved your tyranny by invading the Chapel monthly Congress with undercover security operatives with specific instruction for the operatives to deal ruthlessly, if need be shoot at sight any member who gets close to the Chapel, a development that has never happened in the entire history of NUJ.”
“It is public notice that you abused your office by flagrantly dishing out letters for pecuniary and selfish gains only known to you using a letter headed paper carrying, OFFICE OF THE CHAIRMAN OF CORRESPONDENTS CHAPEL contrary to official letter headed paper of the Chapel and against the ethics of the profession.”
Other forms of abuse of office captured in the petition include: causing division in the union, lack of accountability characterized by bloated account, embarking on ego trips , lack of support and trust by Executives of the union , dictatorial tendencies and lopsided treatment of members and committees .
“First, since your election into office as Chairman of our Chapel on January 18, 2021, you have been despotic, dictatorial and tyrannical in dealing with members, always using the phrase, “I owe no one apology and explanation.” That you rule the Chapel without regards to members sensibilities.
” Such conducts in our view is inimical to the unity, peace and growth of the Chapel.This, has continued to be your trade mark despite counsel by members of Exco
“That you embarked on egocentric trip to Abuja in the guise of organizing a retreat for the Correspondents Chapel at the whopping sum of about ten million naira (N10 million). To the dismay of members, no value added for their benefits.”
The petitioners therefore urged the National President comrade Chris Iziguzo to intervene and save the union from further balkanization and collapse.
Meanwhile, the decision to involve the National leadership is not unconnected with display of partiality by the State Council in handling the lingering challenge in the Correspondent Chapel.
One of the signatories to the petition, Comrade Sunday Bassey even wondered why the state council Chairman Comrade Amos Etuk would deliberately ignore addressing the allegations raised by the petitioners, only to ask that they should allow her to complete her tenure .
“The state Chairman of NUJ is supposed to play a role of father of all in this situation. I had expected him to do the right thing by setting up investigative panel to look into the allegations. Surprisingly he didn’t do it. It was unfortunate and disappointing”
This is even as Comrade Idongesit Ashameri admitted that she actually invited the undercover DSS officials during the chapel congress, penultimate Thursday, for fear of being removed from office, a strange development as far as NUJ is concerned.
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