At NGN765.56bn, Zenith Bank Plc (ZENITHBANK)’s gross earnings improved by 9.92% YoY in
2021FY, beating our forecast of NGN718.62bn. This followed improvement in both interest and
non-interest income. Interest income recorded a marginal increase (+1.61% YoY) resulting from
low yield on treasury instruments and the low rate (5%) on CBN’s intervention loans which
constitute c. 17% of the group’s loan portfolio. Nevertheless, interest on customer loans which
grew by +16.51% YoY (and accounted for 68.34% of total interest income) shielded the
underperformance of other funded income sources to deliver the rise in the total interest income
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