Zenith Bank Plc is set for another stellar performance as it enters the second quarter that would usher in the H1 performance results. This is coming on the heels of wining the ‘Best Corporate Governance Financial Services’ Africa 2023 award by the Ethical Boardroom.
The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, was in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.
Zenith Bank announced impressive performance in its unaudited results for the first quarter ending 31st March 2023. It recorded an exceptional double-digit growth of 41% in Gross Earnings, increasing from N191.5 billion in Q1 2022 to N270 billion in Q1 2023.
The unaudited financial statement indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27% year-on-year (YoY) increase in Profit Before Tax (PBT), rising from N68 billion in Q1 2022 to N86.6 billion in Q1 2023. Profit After Tax (PAT) also grew by 13% from N58.2 billion to N66 billion during the same period.
The growth in the topline was propelled by substantial increases in both interest income and non-interest income. Interest income surged by 52% from N126.4 billion in Q1 2022 to N191.6 billion in Q1 2023, while non-interest income expanded by 27% from N57.2 billion to N72.8 billion.
Speaking on the ‘Best Corporate Governance Financial Services’ award/ the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned.
“Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.
Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.
Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange..
The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as the 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; Bank of the Year (Nigeria) in The Banker’s Bank of the Year awards 2020 and 2022.
