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ZENITH BANK POWERS ON WITH DOUBLE-DIGIT TOPLINE GROWTH IN H1 2022
In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2022, recording an astounding double-digit growth of 17% in gross earnings from N346 billion reported in H1 2021 to N405 billion in H1 2022. This is in spite of a very challenging macroeconomic environment.According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Tuesday, 23rd August 2022, this growth was underpinned by a 19% YoY growth in interest income from NGN204 billion to NGN242 billion and an 18% YoY growth in non-interest income from NGN127 billion to NGN149 billion. The growth in interest income was driven by the modest increase in the loan book and improved interest margins. The increase in non-interest income attests to the Group’s success in its income diversification strategy.Profit before tax (PBT) grew 11% year-on-year (YoY) from NGN117 billion to NGN130 billion. Earnings per share (EPS) also grew from NGN3.38 to NGN3.55 over the same 6-month period.The Group also recorded an 11% year-to-date (YtD) increase in total customer deposits to close the period at NGN7.15 trillion. The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17% YtD from NGN1.82 trillion to NGN2.13 trillion. Retail activities also supported the growth recorded in fees on electronic products which grew by 45% YoY from NGN17 billion to NGN25 billion. Despite the elevated yield environment, the cost of funds increased only marginally from 1.3% in June 2021 to 1.4% in June 2022. The increase in the cost of funds was lower than the increase in yields on interest-generating assets, giving rise to an improved Net Interest Margin (NIM) of 7.1% from 6.4% in June 2021. Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the end of December 2021. Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by 5% YtD, from NGN3.5 trillion to NGN3.7 trillion. This was achieved at a moderate NPL ratio of 4.4% (FYE 2021: 4.2%) and cost of risk of 1.4% (June 2021: 1.3%). Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5% and 21.0% respectively. The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments. Combined with the Group’s industry leadership, we expect this to drive improved performance and deliver enhanced returns to stakeholders.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
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ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE
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ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperationbetweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusinessConference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-levelCanadian business delegation representing 31 companies, alongside senior government officials, businessleaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthencommercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadianbusinesses seeking opportunities across the continent.The Canadian delegation comprised companies and institutions operating across financial services, security,mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, educationand clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant andother leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalfof the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timelyplatform for deepening commercial partnerships between Canada and Africa amid shifting global economicrealities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing thatthecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immensepotential into shared prosperity.“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperityour people can feel. For the first time, the answer is yes, because of the machinery we are now building,” hesaid.RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanentSecretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmedthe State Government’s commitment to fostering an enabling environment for investment and internationalpartnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institutionbuilding.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandanincreasingly sophisticated business environment. Together, these strengths create a compelling foundationfor transformative partnership,” he said.Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, notedthattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenbothcountries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanewchapter: one that is more ambitious, more practical, and more human.” -
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlightedNigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built byNigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reachesacross Africa and around the world.”She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank isnot only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and itrepresents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investmentopportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identifypracticalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomicdevelopment.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,while opening new opportunities for technology transfer, private sector collaboration, job creation and long-termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingtoaccess opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role inregional and global trade.
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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments
HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
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ZENITHBANKPARTNERSLAWMA,LASWATOCOMMEMORATEWORLDENVIRONMENT DAY 2026 WITH TWO-PHASE LAGOS CLEAN-UP
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