Zenith Bank Ghana reports stellar financial performance for Q3 2023

November 15, 2023
Zenith Bank Ghana reports stellar financial performance for Q3 2023
Managing Director and CEO, Mr Henry Onwuzurigbo

In a remarkable financial display, (Ghana) Limited has reported outstanding performance for the period ending September 30, 2023, showcasing resilience and excellence amid economic challenges.

The bank's net interest income surged to GH¢735.3 million, marking a substantial 40.83 percent increase from the previous year's GH¢522.1 million, emphasizing its commitment to delivering exceptional financial services.

The Managing Director and CEO, Mr Henry Onwuzurigbo, highlighted the bank's strategy of income diversification, evident in the remarkable 254.69 percent rise in net trading and other income from GH¢74.77 million to GH¢265.2 million year-on-year.

This growth contributed to the bank's operating income and pre-tax profit reaching GH¢1.14 billion and GH¢734.6 million, respectively—61.34 percent and 82.22 percent higher than the previous year.

Total assets grew to GH¢12.03 billion, reflecting a 14.57 percent increase, primarily driven by a 12.8 percent growth in investment securities.

Customer deposits witnessed a significant surge, reaching GH¢10.2 billion, showcasing the trust and confidence clients have in the bank's financial stability and customer service.

Zenith Bank reported improvements in key financial indicators, with a Liquid Ratio of 85 percent, exceeding the industry average, and a Capital Adequacy Ratio of 23.28 percent, well above the regulatory limit and industry average.

The Non-Performing Loan to Gross Loan Ratio stood at 4.64 percent, significantly lower than the industry average of 20 percent, indicating the quality of the bank's credit portfolio.

The bank's robust financial performance over the past 18 years positions it as a strong and stable institution, assuring stakeholders of its ability to enhance performance further in 2023 and beyond.

Zenith Bank Ghana, a subsidiary of Zenith Bank Plc, is headquartered in with a presence in , the Middle East, Asia, and Europe, and is a member of the Ghana Deposit Protection Scheme.

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