Business
Zenith Bank Grows Gross Earnings to N270bn in Q1 2023
Zenith Bank Plc grew its gross earnings by 41 per cent from N191.5bn in the first quarter of 2022 to N270bn in Q1 2023.
This was disclosed in its unaudited results for the first quarter ending 31st March 2023, which was released on Friday.
The unaudited statement indicated that the double-digit growth in the topline also boosted the bottom line, with the Group experiencing a 27 per cent year-on-year increase in profit before tax from N68bn in Q1 2022 to N86.6 bn in Q1 2023. Profit after tax also grew by 13 per cent from N58.2 bn to N66 bn during the same period.
The growth in gross earnings was propelled by substantial increases in both interest income and non-interest income. Interest income surged by 52 per cent from N126.4 bn in Q1 2022 to N191.6 bn in Q1 2023, while non-interest income expanded by 27 per cent from N57.2 bn to N72.8 bn.
The lender attributed the growth in interest income to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.
Regarding efficiency, the cost-to-income ratio improved from 55 per cent to 53.4 per cent in the current period, supported by a bolstered income line. The cost of risk also moderated from 0.8 per cent to 0.7 per cent during the same period due to an enlarged loan book.
However, the cost of funding doubled YoY from 1.3 per cent in Q1 2022 to 2.7 per cent in Q1 2023, owing to a considerable spike in interest rates between both periods as interest expense grew from N25.8 bn in Q1 2022 to N70.8 bn in Q1 2023. This impacted the net interest margin, which reduced from 7.3 per cent to 6.9 per cent over the same period.
Total assets expanded by nine per cent from N12.29 tn in December 2022 to N13.36 tn in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings. Customer deposits increased by two per cent from N8.98 tn in December 2022 to N9.14 tn in March 2023.
Loans and advances also experienced marginal growth of one per cent from N4.12 tn in December 2022 to N4.15 tn in March 2023 as customers continued to adjust to the full impact of higher rates on risk assets.
Both the capital adequacy and liquidity ratios remained robust at 19.5 per cent and 72 per cent, respectively, with both prudential ratios comfortably exceeding regulatory thresholds.
The group added that it would maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers.
First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards.
The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM cards have expired.
The free cards will be issued daily to 131 customers on a first-come, first-served basis across the Bank’s branches, nationwide. FirstBank’s unwavering commitment to convenience, accessibility, and customer satisfaction.
Speaking on the rewards to FirstBank customers, Chuma Ezirim, the Group Executive, e-Business and Retail Products at FirstBank, said: “The Verve Flash Promo is not just about rewarding customers with free verve debit cards; it is about celebrating our legacy of 131 years of trust, resilience, and innovation in the Nigerian financial services industry. At FirstBank, we remain committed to providing customer-centric solutions that enable secure, seamless, and convenient payment experiences. Partnering with Verve International on these initiatives, including the Verve Good Life promo, underscores our shared vision of deepening financial inclusion while rewarding our loyal customers for their continuous patronage.”
Also commenting, Vincent Ogbunude, Managing Director, Verve International, noted:
“Through strategic collaborations like this with FirstBank, we continue to demonstrate Verve’s commitment to enhancing access to seamless payment solutions for every Nigerian. The Verve Flash Promo not only rewards loyal customers but also reinforces our vision of making everyday transactions more rewarding, secure, and convenient. As we extend the Good Life Promo, we remain steadfast in our goal of deepening financial inclusion while delivering real value to Verve cardholders across the country.”
Meanwhile, the ongoing Verve Good Life promo, designed to reward Verve debit card holders for using their cards at specific merchant points, has been extended to 30 November 2025.
During the period, Verve Card holders enjoy 10% cashback at The Place Restaurant, Quickteller, Buypower, Filmhouse, AlliExpress, Addide Supermarkets, and Chowdeck app every Thursday to Sunday.
Verve cardholders can now enjoy a 10% cashback on the Google Play Store any day of the week throughout the Good Life Promo, which runs until 30 November 2025. Moreso, every transaction made with a Verve card whether on ATMs, POS terminals, or online platforms automatically earns customers a chance to win up to ₦1,000,000.
Nigeria’s leading telecommunications company, Globacom, has announced enhancement of its data bundles to give subscribers more data volume at the same affordable prices.
The upgrade reinforces the company’s commitment to providing superior value and exceptional customer satisfaction.
The upgraded Glo Data Bundles are enhanced versions of the existing daily, weekly, and monthly plans, giving subscribers more data at no additional cost.
These improvements offer users greater freedom and convenience to enjoy their favourite online activities from streaming and gaming to social media, video calls, and more.
For daily users, the ₦100 plan has been upgraded from 105MB to 125MB, giving light internet users even more data to browse, chat, and stream short videos conveniently.
The weekly bundles have also received notable boosts, such as the ₦1,500 plan, which now offers 6GB instead of 5.9GB, enabling subscribers to stay connected longer.
Heavy data consumers will also enjoy remarkable value on the monthly plans. The ₦2,000 bundle now gives 6.25GB, while the ₦10,000 package has been enhanced from 38GB to 42GB, allowing users to do more from video streaming and large file downloads to remote work and virtual meetings.
Students are not left out, as the Campus Booster Plan has been upgraded with higher data allowances, ensuring seamless access to academic resources and social networks while on campus.
Globacom noted that the revised bundles are available to all Glo customers prepaid, postpaid, and hybrid and can be activated by dialing *312#, using the Glo Café app (available on Android and iOS), or visiting hsi.glo.com.
The company added that subscribers can use, share, or gift data through *312# or the Glo Café app. Customers will also continue to receive data usage alerts at 75% and 100% consumption levels to help monitor usage effectively.
Unused data is automatically rolled over upon renewal before expiry or when a new plan is purchased within the grace period (ranging from one to seven days, depending on the plan).
Globacom reaffirmed its commitment to empowering Nigerians with reliable and affordable data access, urging customers to take advantage of the revised data bundles that combine affordability, quality, and more browsing power ensuring every Glo subscriber enjoys more data without paying more.
Fidelity Bank Plc has congratulated Air Peace on the successful launch of its maiden direct flight from Lagos to London Heathrow, describing the milestone as a significant achievement for Nigeria’s aviation sector and a testament to the power of indigenous partnerships.
The commendation was delivered by Dr. Nneka Onyeali-Ikpe, managing director of Fidelity Bank, during a special event held in Lagos to celebrate the airline’s expansion into the European market.
“This is not just a win for Air Peace, but a win for Nigeria,” Onyeali-Ikpe said. “It reflects the strength of home-grown businesses and the impact of strategic financial support in enabling national champions to thrive on the global stage.”
Nigeria CommunicationsWeek reports that Fidelity Bank has played a pivotal role in Air Peace’s growth, providing early financial backing and advisory services that helped the airline become the largest carrier in West Africa. The bank continues to support Air Peace through payment processing and other financial services
The launch of the London route marks a new chapter for Air Peace, which now joins a select group of African airlines operating direct flights to Heathrow.
The development is expected to boost tourism, trade, and connectivity between Nigeria and the United Kingdom.
Speaking at the event, Allen Onyema, Chairman of Air Peace, expressed gratitude to Fidelity Bank for its unwavering support and reaffirmed the airline’s commitment to excellence and service.
“This partnership has been instrumental in our journey,” Onyema said. “We are proud to fly the Nigerian flag across international skies.”
Industry stakeholders present at the event praised the collaboration between the two companies as a model for sustainable business growth and national development.
