Zenith Bank Ghana rebounds strongly in 2023 with 284% profit surge
Zenith Bank Ghana demonstrated a remarkable turnaround in 2023, reporting a surge of nearly 44% in total assets to GH¢13.86 billion, and a pre-tax profit of GH¢1.02 billion. This starkly contrasts with the GH¢554.6 million loss the bank posted in 2022, attributed to the Domestic Debt Exchange Programme (DDEP).
The bank attributed this robust performance to a significant increase in customer confidence, as deposits swelled by GH¢3.32 billion to GH¢11.7 billion, and the loan book expanded to GH¢2.25 billion, marking a GH¢390.7 million uptick from the previous year.
Henry C. Onwuzurigbo, Managing Director/CEO of Zenith Bank Ghana, expressed his satisfaction with the trust placed in the bank’s stability and financial robustness.
“We are glad to see the trust our customers have placed in the bank’s stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele,” he said.
Mr Onwuzurigbo also highlighted the positive implications of the bank’s increased lending activity for Ghana’s economy, suggesting it signifies growing business confidence and potential economic productivity gains.
The bank’s interest income saw a notable rise of GH¢317 million to GH¢1.38 billion, and fee and commission income grew by GH¢49 million. However, the standout performance was in trading, with net trading income more than doubling to GH¢332.6 million.
Despite challenges, such as a GH¢109 million impairment loss on financial assets impacting the bottom line, the bank’s operating income appreciated by GH¢546 million to GH¢1.6 billion, underscoring the resilience of its core business activities.
Market observers are optimistic about Zenith Bank Ghana’s long-term financial prospects, believing that by addressing impairment losses and implementing cost optimisation strategies, the bank is well-positioned for sustained success. The bank’s commitment to customer satisfaction and strategic revenue generation is seen as laying a robust foundation for future prosperity.
