Zenith Bank’s 2024 Q1 profit up 41%, boosted by loan, asset and deposit growth

The Bank’s unaudited financial statements for the period revealed a continuation of the stellar performance in 2023 with a 41.03 percent year-on-year (YoY) growth in profitability to GH¢306.5 million, compared with GH¢217.3 million in the same period of 2023.

This performance was driven by a marked increase in both interest income and non-interest income, with interest income growing by 59 percent to GH¢437.6 million in Q1 2024 from GH¢275.2 million in Q1 2023.

/Consequently, net interest income, which reflects the difference between interest income and interest expense, also saw a substantial rise of 59.2 per cent to GH¢302.2 million in Q1 2024, up from GH¢189.8 million in Q1 2023.

Fees and commission income also grew by 9.6 percent to GH¢64.3 million in Q1 2024 compared to GH¢58.7 million in Q1 2023.

A striking feature of this growth was a 54.9 percent increase in loans and advances to GH¢2.1 billion in Q1 2024, reaffirming the Bank’s commitment to enhancing credit availability to various real sectors of the economy.

Deposits from customers reached GH¢12.7 billion in the first quarter of 2024 compared to GH¢9.3 billion last year, indicating a 36.4 percent increase year on year

Its liquidity ratio, a key metric for measuring a Bank’s ability to meet short-term obligations, improved to 99.84 percent in Q1 2024, compared to 92 percent in the same period last year