Zenith Bank Plc, one of the leading financial institutions in Nigeria, on Tuesday reported a N111.413 billion profit after tax for the first half (H1) of 2022.
The lender disclosed this in its unaudited financial statement obtained by Investors King.
Zenith Bank realised revenue of N241.726 billion in the period under review, representing an increase of 18.5% when compared to N203.934 billion filed in the corresponding period of 2021.
Net interest income grew by 15.5% from N159.94 billion filed in H1 2021 to N184.743 billion in H1 2022. Net interest income after impairment loss on financial and non-financial instruments increased by 13.9% from N140.141 billion in the same period of 2021 to N159.621 billion.
Operating expenses, however, rose by 26.8% to N123.777 billion, up from N97.578 billion recorded in the corresponding period of 2021.
The surge in operating expenses weighed on profit before tax. Still, profit before tax increased by 11.05% to N130 billion from N117.059 billion in H1 2021.
Zenith Bank paid N18.592 billion in income tax for the period and posted a profit after tax of N111.413 billion, an increase of 4.9% from N106.119 billion recorded in H1 2021.
