ZENITH BANKPLC RC: 150224
HEAD OFFICE
-
Zenith Heights, Plot 84/87 Ajose AdeogunStreet, � P. 0. Box 75315, Victoria Island, Lagos.
. Tel: (01) 2787000, 2927000, 4647000
(I www.zenithbank.com ISWIFT: ZEIBNGLA
z ZENITH
CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023
THE BOARD: | Chafrman: Jim Ovia, CFR. I Group Managing Director/CEO: Ebenezer Onyeagwu |
Executive Directors: Temitope Fasoranti I Henry Oroh I Adobi Nwapa I Akindele Ogunranti | |
Non-Executives: Mr. Gabriel Ukpeh I Engr. Mustafa Bello I Dr. AI-Mujtaba Abubakar MFR. | |
Omobola lbidapo-Obe Ogunfowora (Ph.DJ I Peter Olatunde Bamkole (Ph.D) I Mr. Chuks Emma Okoh |
ZENITH BANK PLC
Consolidated and Separate Interim Financial Statements for the period ended 31 March 2023
Index
Page | |
Certification pursuant to section 60(2) of Investment and Securities Act No.29 of 2007 | 2 |
Statements of profit or loss and other comprehensive Income | 3 - 4 |
Statements of financial position | 5 - 6 |
Statements of changes in equity | 7 - 8 |
Statements of cash flows | 9 - 10 |
Notes to the interim consolidated and separate financial statements | 11-34 |
1
ZENITH BANK PLC
Consolidated and Separate Interim Financial Statements for the period ended 31 March 2023
Certification pursuant to section 60(2) of Investment and Securities Act No.29 of 2007
We the undersigned hereby certify the following with regards to our financial report for the period ended 31 March 2023 that:
- We have reviewed the report;
- To the best of our knowledge, the report does not contain:
- Any untrue statement of a material fact, or
- Omission of material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;
- To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the bank as of, and the periods presented in the report.
- We:
- Are responsible for establishing and maintaining internal controls;
- Have designed such internal controls to ensure that material information relating to the bank and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;
- Have evaluated the effectiveness of the bank's internal controls as of date within 90 days prior to the reports;
- Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
- We have disclosed to the auditors of the bank and audit committee:
- All significant deficiencies in the design or operation of internal controls which would adversely affect the bank's ability to record, process, summarize and report financial data and have identified for the bank's auditors any material weakness in internal controls, and
- Any fraud, whether or not material, that involve management or other employees who have significant role in the bank's internal controls;
- We have identified in the report whether or not there were significant changes in the internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses .
Jim Ovia, CFR.
Chairman
FRC/2013/CIBN/0000000002406
Dr. Ebenezer Onyeagwu
Group Managing Director/CEO
FRC/2013/ICAN/00000003788
2
ZENITH BANK PLC
Consolidated and Separate Interim Financial Statements for the period ended 31 March 2023
Statements of profit or loss and other comprehensive income for the period ended 31 March 2023
Group | Bank | |||||||||
In millions of Naira | Note(s) | 3 Months | 3 Months | 12 Months | 3 Months | 3 Months | 12 Months | |||
31 March 2023 | 31 March 2022 | 31 December | 31 March 2023 | 31 March 2022 | 31 December | |||||
2022 | 2022 | |||||||||
Gross earnings | 269,994 | 191,523 | 945,554 | 238,756 | 165,961 | 833,087 | ||||
Interest and similar income | 13 | 191,632 | 126,384 | 540,166 | 162,436 | 103,756 | 448,174 | |||
Interest and similar expense | 14 | (70,843) | (25,845) | (173,539) | (64,412) | (21,732) | (153,019) | |||
Net interest income | 120,789 | 100,539 | 366,627 | 98,024 | 82,024 | 295,155 | ||||
Impairment charge | 15 | (7,730) | (6,759) | (123,252) | (7,833) | (6,099) | (61,896) | |||
Net interest income after impairment charge | 113,059 | 93,780 | 243,375 | 90,191 | 75,925 | 233,259 | ||||
Net fee and commission income | 16 | 34,148 | 33,486 | 132,795 | 27,786 | 24,245 | 110,098 | |||
Trading gains | 18 | 33,891 | 32,598 | 212,678 | 30,831 | 31,312 | 201,645 | |||
Other income | 17 | 4,713 | (8,854) | 35,494 | 12,353 | (1,028) | 49,790 | |||
Depreciation of property and equipment | 32 | (6,422) | (6,370) | (26,630) | (5,881) | (5,730) | (24,519) | |||
Amortisation of intangible assets | 33 | (1,468) | (827) | (3,678) | (1,384) | (708) | (3,045) | |||
Personnel expenses | (23,168) | (21,539) | (86,412) | (18,337) | (16,597) | (68,475) | ||||
Operating expenses | 19 | (68,148) | (54,283) | (222,972) | (63,385) | (50,521) | (204,703) | |||
Profit before tax | 86,605 | 67,991 | 284,650 | 72,174 | 56,898 | 294,050 | ||||
Income tax expense | 20a | (20,593) | (9,793) | (60,739) | (17,675) | (6,520) | (59,457) | |||
Profit after tax | 66,012 | 58,198 | 223,911 | 54,499 | 50,378 | 234,593 | ||||
Other comprehensive income: | ||||||||||
Items that will never be reclassified to profit or loss | ||||||||||
Fair value movements on equity instruments at FVOCI | 505 | 3,667 | 8,109 | 505 | 3,667 | 8,109 | ||||
Items that are or may be reclassified to profit or loss: | ||||||||||
Foreign currency translation differences | (5,979) | (9,980) | (28,768) | - | - | - | ||||
Fair value movement on debt securities at FVOCI | 2,079 | (1,150) | (6,602) | - | - | - | ||||
Other comprehensive income/(loss) for the period/year | (3,395) | (7,463) | (27,261) | 505 | 3,667 | 8,109 | ||||
Total comprehensive income for the period/year | 62,617 | 50,735 | 196,650 | 55,004 | 54,045 | 242,702 | ||||
3
ZENITH BANK PLC
Consolidated and Separate Interim Financial Statements for the period ended 31 March 2023
Statements of profit or loss and other comprehensive income for the period ended 31 March 2023
Group | Bank | |||||||
Notes | 3 Months | 3 Months | 12 Months | 3 Months | 3 Months | 12 Months | ||
31 March 2023 | 31 March 2022 | 31 December | 31 March 2023 | 31 March 2022 | 31 December | |||
2022 | 2022 | |||||||
Profit attributable to: | ||||||||
Equity holders of the parent | 65,946 | 58,124 | 224,050 | 54,499 | 50,378 | 234,593 | ||
Non-controlling interest | 66 | 74 | (139) | - | - | - | ||
Total comprehensive income attributable to: | ||||||||
Equity holders of the parent | 62,581 | 50,702 | 196,981 | 55,004 | 54,045 | 242,702 | ||
Non-controlling interest | 36 | 33 | (331) | - | - | - | ||
Earnings per share | ||||||||
Basic and diluted (Naira) | 21 | 2.10 | 1.85 | 7.14 | 1.74 | 1.60 | 7.47 | |
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Zenith Bank plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 09:55:09 UTC.