Zenith Bank has posted a net profit of N111.41 billion in the first half of the year, accounting for 22% of the total N501.13 billion generated by thirteen banks.
Compared to the corresponding period of 2021, its profit grew by 5% from N106.12 billion recorded in H1 2021.
A look at the company’s financial statement shows a 17.1% growth in its gross earnings to N404.76 billion in the period of six months under review.
Freedom Post gathered that its operating expenses surged by 26.8% year-on-year to N123.78 billion, while personnel expenses increased by 5.7% to N39.74 billion.
Meanwhile, tax expenses gulped a sum of N18.59 billion, which is 69.9% higher than the N10.94 billion spent in the corresponding period of last year.
Despite the increase in its expenses, the increase in its fees and commission line of the business and trading gains helped keep the bottom line elevated.