Connect with us

Business

Zenith Bank Shines with 22% Growth in Gross Earnings in Q1 2022

Published

on

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2022, with an impeccable growth of 22% in Gross Earnings from N157.3 billion reported in Q1 2021 to N191.5 billion in Q1 2022.

From the unaudited statement of account presented to the Nigerian Exchange (NGX) on Thursday, 28th April 2022, the strong double-digit growth in the topline culminated in an increase in the bottom line, as the Group recorded an 11% Year-on-Year (YoY) increase in profit before tax, growing from N61.02 billion in Q1 2021 to N67.99 billion in Q1 2022.

Profit after tax also grew by 10%, from N53.06 billion to N58.19 billion over the same period. The growth in the topline arose from both interest income and non-interest income. Interest income grew by 25%, from N101.12 billion in Q1 2021 to N126.38 billion in Q1 2022, while non-interest income grew by 12%, from N51.20 billion to N57.23 billion. The growth in interest income and non-interest income arose from the combined effects of an improvement in interest income on loans and advances (as risk assets continue to grow and pricing is gradually improving) and an improvement in non-interest income as the Bank continues to deploy its retail strategy, thereby acquiring more customers and expanding its electronic banking income from the increased volume of transactions across all its channels.

Total assets grew by 9% from N9.45 trillion to N10.32 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 12%, from N6.47 trillion in December 2021 to N7.25 trillion in March 2022. Savings account balance, which is solely retail grew by over N68 billion and is a validation of the robust customer acquisition strategy and versatile electronic platforms and digital channels.

Loans and advances also grew by 6%, from N3.5 trillion in December 2021 to N3.7 trillion in March 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. This development also helped to boost the net interest margin (NIM), as it improved from 6.0% in March 2021 to 7.3% in the current period, while the capital adequacy ratio improved slightly from 21.1% to 22.1%.
Going into the remainder of 2022, the Group will continue to focus on sustainable growth across all its business segments and deploy technology platforms and digital assets intuitively to serve its various customers’ needs to deliver enhanced returns to its stakeholders.

Zenith Bank’s track record of excellent performance has earned the brand numerous awards, including being voted as Best Bank in Nigeria in the Global Finance World’s Best Banks Awards, for three consecutive years from 2020 to 2022, Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance’ Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the 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.

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ecobank Announces Sales of Dangote Shares Across Africa for Retail and Institutional Investors

Published

on

Ecobank is enabling the sale of Dangote Petroleum Refinery shares across Africa, providing retail and institutional investors with convenient access to participate in the ongoing share offer through its extensive digital and branch banking channels. The offer opened on 14 September 2026 and is scheduled to close on 13 October 2026.

Through its extensive pan-African network and digital banking platforms across 33 African countries and international offices in London, Paris, Beijing and Dubai, Ecobank is providing investors with convenient access to the Dangote Petroleum Refinery share offer, further strengthening its role in connecting African investors with major investment opportunities across the continent.

In Nigeria, customers and non-customers can subscribe through the Ecobank Mobile App, Internet Banking, Ecobank website and any Ecobank branch nationwide.

The offer provides investors with an opportunity to acquire a stake in the Dangote Petroleum Refinery, one of Africa’s significant industrial projects. The shares are available at ₦525 per share, with a minimum subscription of 10 shares.

Speaking on the offer, Austen Osokpor, Head, Marketing and Corporate Communications, Ecobank Nigeria, reiterated the Bank’s commitment to connecting customers and the wider public with opportunities that support wealth creation and broader participation in the capital market.

He noted that Ecobank’s digital platforms and extensive branch network have been positioned to provide a seamless, convenient and accessible subscription experience for interested investors.

Prospective investors are encouraged to carefully read the Prospectus and seek professional advice where necessary before making any investment decision.

Interested members of the public can visit any Ecobank branch nationwide or subscribe through the Bank’s digital channels.

Continue Reading

Business

AD Consulting, Ecobank Partner to Host Art and Architecture Icons in “The Convergence”

Published

on

Nigeria’s leading voices in art and architecture will converge in Lagos as AD Consulting partners Ecobank Nigeria to present The Convergence: The Iconic Architect & the Icons of Art, a landmark cultural experience celebrating Nigeria’s creative excellence, heritage and legacy.
Scheduled to run from October 1 to 7, 2026, at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the event will bring together internationally acclaimed architect Olajumoke Adenowo, Founder of AD Consulting, and some of Nigeria’s most distinguished visual artists for an immersive exploration of the relationship between architecture, art and African heritage.

Among the artists whose works will feature are Abiodun Olaku, Bunmi Babatunde, Kehinde Adewuyi, Tayo Quaye, Mufu Onifade, Alex Nwokolo, Fidelis Odogwu, Kassi Nathalie, Dotun Popoola, Steve Ekpenisi, Collins Abinoro and Joshua Nmesirionye among others.

Speaking on the concept behind The Convergence, Olajumoke Adenowo, Founder, AD Consulting, said: “Architecture and art are two of the most enduring expressions of who we are as a people. They tell our stories, preserve our heritage and give form to the values we want to pass on to future generations. The Convergence brings these two powerful voices together to celebrate Nigeria’s extraordinary creative heritage while creating a space for new conversations about identity, beauty, ownership and legacy.”

She added: “This is not simply an exhibition. It is an intentional meeting of architecture, art and people who understand that some of the most valuable things we can leave behind are not merely possessions, but ideas, culture and a sense of who we are. Through NeoHeritage, The Convergence creates a contemporary expression of our heritage while looking confidently towards the future.”

Also speaking, Austen Osokpor, Head, Marketing & Corporate Communications, Ecobank Nigeria, said the partnership represents an opportunity to support African creative excellence while creating a platform where culture, creativity, private wealth and enterprise intersect.

According to Osokpor, “Africa’s wealth is not defined by financial capital alone. Our culture, creativity, intellectual capital and heritage are equally important assets that must be preserved, celebrated and passed on to future generations. The Convergence gives us an opportunity to support this broader definition of African wealth by bringing together exceptional artists, architects, collectors and cultural patrons in one powerful experience.”

He added: “For Ecobank, this is more than an event. It is about creating meaningful platforms that connect people, ideas and opportunities, while reinforcing our commitment to African excellence. We are delighted to partner with AD Consulting and Olajumoke Adenowo on an initiative that places Nigerian creativity firmly within the wider African and global cultural conversation.”

Unlike a conventional exhibition or art fair, The Convergence has been conceived as a platform for dialogue, exploring how art and architecture shape identity, preserve cultural memory and create enduring legacies.

At its heart is Adenowo’s Neo Heritage philosophy, which connects Africa’s rich cultural inheritance with contemporary creative expression.

The experience is built around three design pillars: Light, Zeitgeist and The 4th Dimension.

The Convergence will open on October 1 with an exclusive Collectors & Patrons evening curated for invited collectors, patrons, high-net-worth individuals and distinguished guests.

The opening will provide an intimate opportunity to experience the exhibition, engage with participating artists and explore the works within a setting centred on art, architecture, ownership, cultural stewardship and legacy.

The programme will include curated viewing opportunities, conversations with artists and creative leaders, and experiences designed to foster meaningful connections among collectors, patrons, architects and cultural leaders.

The wider exhibition will continue from October 2 to 7, giving a broader audience the opportunity to experience the works and engage with the ideas underpinning The Convergence.

The programme will also feature a Patron’s Preview, Founders’ Cocktail featuring an Architecture Salon by AD Consulting, and a Collectors’ Circle, offering opportunities for private viewings and deeper engagement with the artists and their work.

Continue Reading

Business

Zenith Bank Opens Digital, Branch Channels for Dangote Refinery Share Subscription

Published

on

Nigerians at home and in the Diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.

Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion.

Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment.

It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.

Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.

Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.

Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.

For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.

Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.

Continue Reading