The Group also recorded a 6 per cent increase in Gross Earnings from N158.1 billion in March 2019 to N166.8 billion for the period.
This top-line growth was driven by the 43 per cent expansion in non-interest income from N32.7 billion in the prior-year period to N46.6 billion in March 2020.
Customer deposits increased by 5 per cent from N4.26 trillion in December 2019 to N4.46 trillion in the current period. The customer deposit mix rebalancing remains on-track as the Group added N150 billion in savings account balances in Q1 2020, supported by its retail drive. The Bank’s total assets increased by 12 per cent growing from N6.35 trillion in December 2019 to close at N7.13 trillion in the current period. In the quarter, gross loans grew by 11% from N2.
Consistent with this performance and in recognition of its track record of excellent performances, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions Awards.
Recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade at the ThisDay Awards 2020.
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