Zenith, UBA, Access and GTCo recently released their audited 2023 financial statements and was characterized by a common theme – “Supernormal profit”

Zenith Bank released the audited Full-year results for 2023, revealing a robust topline performance. Gross Earnings, which exceeded our 2023FY estimates, grew by 125.45% YoY to NGN2.13trn on the wheels of increased interest and non-interest income. For context, Interest Income climbed 111.91% YoY to NGN1.15trn while Non-Interest Income grew significantly by 143.49% YoY to NGN987.08bn.

United Bank for Africa Plc. audited Full-year results for 2023 showed an impressive topline and bottom-line performance. Gross Earnings grew by 143.25% YoY to NGN2.08trn on the wheels of increased interest and non-interest income. Interest Income grew by 93.01% YoY to NGN1.08trn while Non-Interest Income soared 237.83% YoY to NGN1.00trn.

GTCo’s audited Full-year results for 2023FY revealed a strong top-line and bottom-line performance. Gross Earnings grew by 120.03% YoY to NGN1.19trn on the back of increased interest and non-interest income. Interest Income climbed 69.25% YoY to NGN550.76bn while Non-Interest Income grew by 197.29% YoY to NGN635.71bn.

In its 2023FY results, Access Holdings Plc posted a 87.01% YoY growth in Gross Earnings to NGN2.60trn, crossing the NGN2trn mark. Interest Income grew significantly by 99.93% YoY to NGN1.65trn while non-Interest revenue climbed 67.90% YoY to NGN939.48bn.

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