The rate at which the net profit of Nigeria’s biggest bank by market value failed to keep pace with that of revenue as record inflation levels in the country pushed costs steeply up.
Zenith Bank posted a weaker bottom line for 2022 even though all key income streams recorded reasonable increase and revenue closed in on the N1 trillion mark, the lender’s audited annual report showed on Wednesday.
That in turn caused net interest income, a financial metric accounting for the difference between how much lenders charge for loans and what they pay out to savers for keeping their deposits, to shoot 14.3 per cent to N366.6 billion. At N132.8 billion, Zenith Bank earned 27.8 per cent more in net income on fees and commission, thanks to a surge in account maintenance fees and fees on electronic products.levy being the key pressure points.Profit before tax was slightly up by 1.5 per cent at N284.7 billion, while after-tax profit declined to N223.9 billion from N244.6 billion.
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