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Home Business Banking & Finance

Zenith Bank records impressive results in 2022, but for DDEP

2 years ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
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Zenith Bank records impressive results in 2022, but for DDEP

Zenith Bank Ghana’s financial performance in 2022 was impressive, with strong growth in operating income, deposits and risk assts but the DDEP had an impact on its profitability.

The Bank’s financial performance was remarkable, with a substantial increase in total non-interest income and a high Capital Adequacy Ratio. It remains well-capitalized, with a capital of GH¢982 million at the end of 2022. This strong capital position means that the bank is not required to inject additional capital and can continue to operate and grow with confidence.

The growth in total non-interest income is particularly noteworthy, rising from a loss of GH¢3.8 million in 2021 to GH¢331million in 2022. This reflects the bank’s ability to generate revenue from sources other than interest income, such as fees, commissions, and other income-generating activities. This is a positive sign for the bank’s future profitability and sustainability, as it diversifies its sources of income and reduces its reliance on interest income.

Another positive factor is the bank’s Capital Adequacy Ratio of 36%, which remains higher than the regulatory limit and industry average in 2022. This indicates that the bank has a strong capital base, which provides a cushion against unexpected losses and allows the bank to absorb any potential financial shocks.

Furthermore, the bank’s efforts to manage credit risk are reflected in a reduction in the NPL ratio from 4.4% to 3.8% in 2022. This suggests that the bank has been successful in managing its loan portfolio and minimizing the number of non-performing loans, which reduces credit risk and enhances the bank’s financial stability.

Despite the positive developments, the financial statement shows some net loss which is as a result of the DDEP which has affected the banking sector in Ghana. However, it is clear that the bank remains well-capitalized and is in a strong position to weather any potential financial difficulties.

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