Gross earnings for the period rose to N270 billion
, grew its profit for the first three months of this year by double digits to N66 billion, according to its earnings report issued on Friday.
The bank recorded the growth after interest income and similar income, which often provide the most revenue for banks, increased by more than half. Lenders in Africa’s biggest economy are reaping record profits from an interest rate hike that began in 2022. The rate has shown no sign of ending soon followingin the benchmark lending rate by the central bank, allowing banks to charge more for loans.
Godwin Emefiele, the apex bank’s chief, has stated that the said rate, now at its peak level ever, will continue to be raised until Nigeria’s galloping inflation slows to the desired point.The gross earnings of Zenith Bank rose for the review period to N270 billion, drawing strength from interest and similar income for over 70 per cent of that figure.
The bank expanded net income on fees and commission only marginally by 2 per cent to N34.1 billion after fees on electronic products dropped 18.2 per cent.That slide bucked the expectation that traditional banks and, more importantly,
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