Business
Zenith Bank Reports 41% Rise in Gross Earnings
Zenith Bank Plc has reported that it grew its gross earnings by 41 percent from N191.5 billion in the first quarter of 2022 to N270 billion in corresponding period of 2023.
This was contained in its unaudited results for Q1, 2023, which was made public last Friday.
According to the quarterly report, the double-digit growth in the topline reflected on the bottom line, which saw the Group experiencing a 27 percent year-on-year increase in profit before tax from N68bn in Q1, 2022 to N86.6bn in Q1, 2023.
In the same vein, profit after tax grew by 13 percent from N58.2bn to N66bn under the same period.
The report also showed that the growth in gross earnings was propelled by substantial increases in both interest income and non-interest income.
Interest income increased by 52 percent from N126.4bn in Q1, 2022 to N191.6bn in Q1, 2023, while non-interest income expanded by 27 percent from N57.2bn to N72.8bn.
The lender attributed the growth in interest income to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.
Regarding efficiency, the cost-to-income ratio improved from 55 percent to 53.4 percent in the current period, supported by a bolstered income line.
Similarly, cost of risk moderated from 0.8 percent to 0.7 percent during the same period due to an enlarged loan book.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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