October 27, (THEWILL) – Zenith Bank Plc has released its interim financial report for the period that ended September 30, 2022, which showed impressive performance as has been since the year.
The bank also grew its post-tax profit by 8.55 percent in nine months to N174.331 billion from N160.594 billion in the comparable period last year.
The report which was filed with the Nigerian Exchange Thursday showed that earnings grew by 19.66 percent to N620.5 billion from N518.5 billion in 2021.
The bank also increased interest and similar income by 26.52 percent to stand at N390.7 billion as against N308.8 billion in the corresponding period of 2021 as investment securities in treasury bills, bonds and others rose.
The interest and similar expenses were valued at N107.8 billion in the third quarter of 2022 from N74.098 billion in the third quarter of 2021 representing a growth of 45.54, percent net interest income rose by 20.51% from N234.746 billion to N282.907 billion in 2022.
Net fee and commission income grew to N100.057 billion in the third quarter of 2022 from N78.296 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.
Electronic banking income stood at N36.069 billion from N23.993 billion in 2021, accounting for 50% growth and contributing 36.04% of the net fees and commission income which was N100.057 billion.
Also, Electronic banking income represents income taken on transactions processed via electronic channels such as ATM, POS, and mobile banking as well as credit and debit card transactions.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
