For the most part, Zenith Bank Plc (ZENITHBANK)’s gross earnings in 2020 were supported by non-core income, particularly FX revaluation gains following the devaluation of the Naira during the period. The bank recorded a 276.44% YoY growth in FX gains which accounted for 65.42% of the growth in gross earnings in 2020FY. Meanwhile, strong growth (+28.57% YtD) in interest earning assets helped keep interest income afloat as the interest rate environment stayed depressed during the period. Trading income was, however, a beneficiary of the relatively low interest rates as the bank was able to book significant capital gains on its investment securities.
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