{"id":4672,"date":"2024-04-24T01:30:23","date_gmt":"2024-04-24T01:30:23","guid":{"rendered":"https:\/\/sotnews.agency\/?p=4672"},"modified":"2024-04-24T03:50:23","modified_gmt":"2024-04-24T03:50:23","slug":"customer-confidence-boosts-zenith-banks-2023-performance-as-assets-hit-gh%c2%a213bn-profit-past-gh%c2%a21bn","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=4672","title":{"rendered":"Customer confidence boosts Zenith Bank\u2019s 2023 performance as assets hit GH\u00a213bn, profit\u00a0past\u00a0GH\u00a21bn"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 25 Second <\/div>\n\n <\/div>

Zenith Bank Ghana capped off a stellar year in 2023, with total assets surging by nearly 44 percent to reach GH\u00a213.86 billion, as profit before tax moved to GHc1.02 billion.<\/p>\n

This represented a 284.35 percent reversal from the GH\u00a2554.6 million loss recorded in 2022 as a result of the Domestic Debt Exchange Programme (DDEP).<\/p>\n

A driving force behind the performance was high customer confidence in the Bank as deposits grew by GH\u00a23.32 billion, to reach GHc11.7 billion for the period. Similarly, the Bank expanded its loan book to GH\u00a22.25 billion, GH\u00a2390.7 million higher than the previous year.<\/p>\n

\u201cWe are glad to see the trust our customers have placed in the bank\u2019s stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele,\u201d Henry C. Onwuzurigbo, Managing Director\/Chief Executive Officer (MD\/CEO) of Zenith Bank Ghana said.<\/p>\n

\u201cAgain, the upswing in lending activity is a positive indicator for Ghana\u2019s economy. It indicates growing confidence in businesses and a potential increase in economic productivity,\u201d he added.<\/p>\n

Consequently, interest income \u2013 a vital indicator of a bank\u2019s lending and investment activities \u2013 surged by GH\u00a2317 million to GH\u00a21.38 billion, highlighting the success of its strategies in loan origination and managing investment portfolios. Additionally, fee and commission income grew by GH\u00a249 million.<\/p>\n

But the real highlight of the year was the exceptional performance in trading. Net trading income more than doubled, from GH\u00a2156.7 million to GH\u00a2332.6 million, potentially fueled by favourable market conditions or strategic trading decisions by the Bank.<\/p>\n

The Bank had to steer through some challenges which impacted its net profit in 2023, such as the GH\u00a2109 million impairment loss on financial assets, which impacted the bottom line. This, however, was a tenth of the GH\u00a21.19 billion recognised in 2022.<\/p>\n

Operating income appreciated by GH\u00a2546 million to GH\u00a21.6 billion highlighting the underlying strength of the bank\u2019s core business activities in generating healthy and consistent revenue. The bank\u2019s shareholders\u2019 funds also improved significantly by 68% from GH\u00a2982m post-DDEP to GH\u00a21.66 billion due to its exceptional performance in 2023.<\/p>\n

Market watchers believe that by tackling the impairment losses and implementing cost optimisation strategies, growing it risk assets as well as investment portfolio, Zenith Bank Ghana is well-positioned to translate its impressive revenue growth into long-term financial success especially as the bank\u2019s focus on customer satisfaction and strategic revenue generation sets a strong foundation for a prosperous future.<\/p>\n

The Bank\u2019s 2023 performance positions it for continued success in the years to come.<\/p>\n

The post Customer confidence boosts Zenith Bank\u2019s 2023 performance as assets hit GH\u00a213bn, profit\u00a0past\u00a0GH\u00a21bn<\/a> appeared first on Citinewsroom – Comprehensive News in Ghana<\/a>.<\/p>

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