ZENITH BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

ZENITH BANKPLC RC: 150224

HEAD OFFICE

• Zenith Heights, Plot 84/87 Ajose AdeogunStreet, � P. 0. Box 75315, Victoria Island, Lagos.
  . Tel: [phone]

(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

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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:

1. We have reviewed the report;
2. To the best of our knowledge, the report does not contain:
3. 1. Any untrue statement of a material fact, or
   2. Omission of material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;
4. 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.
5. We:
6. 1. Are responsible for establishing and maintaining internal controls;
   2. 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;
   3. Have evaluated the effectiveness of the bank's internal controls as of date within 90 days prior to the reports;
   4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
7. We have disclosed to the auditors of the bank and audit committee:
8. 1. 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
   2. Any fraud, whether or not material, that involve management or other employees who have significant role in the bank's internal controls;
9. 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

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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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