Zenith Bank Plc has released its interim consolidated and separate financial report for the third quarter (Q3) 2022, which shows that the bank grew its profit by 8.55 percent to N174.331 billion in nine months, from N160.594 billion in Q3, 2021.
Zenith Bank reported a 45.54 percent increase in interest and similar expenses at N107.8 billion in the third quarter of 2022 from N74.098 billion in 2021. Also, net interest income rose by 20.51 percent to N282.907 billion, from N234.746 billion in the same period of 2021.
The bank recorded growth in other areas of its financial transactions. Profit before tax grew by 12.64 percent to N202.549 billion in 2022 from N179.810 billion in 2021; impairment charges grew by 28.81 percent to N37.096 billion in 2022 from N28.798 billion in 2021; operating expenses grew by 25.34 percent to N171.666 billion in 2022 from N136.954 billion in 2021; and income tax expense grew by 46.84 percent to N28.218 billion from N19.216 billion the previous year.