Zenith Bank Plc posted a jumbo net profit of N676.9 billion for last year, its strongest on record, bettering the bottom line of the preceding year by more than three times.
2023 was a banner year for most Nigerian banks as the Central Bank of Nigeria (CBN) raised the monetary policy rate to 18.75 per cent in its race to soften the country’s irrepressible inflationary pressures, in turn allowing lenders to charge more for loans.
That was the biggest spur for Zenith Bank’s remarkably strong result, with interest & similar income contributing more than half of revenue, which quickened to N2.1 trillion from N945.6 billion a year earlier, according to its audited earnings report published on Monday
