Zenith Bank Ghana had a remarkable year in 2023, with its total assets soaring by almost 44 per cent to reach GH¢13.86 billion, while profit before tax surged to GH¢1.02 billion.

This marked a staggering 284.35 per cent turnaround from the GH¢554.6 million loss recorded in 2022 due to the Domestic Debt Exchange Programme (DDEP).

The bank attributed its outstanding performance to a surge in customer confidence, with deposits growing by GH¢3.32 billion to reach GHc11.7 billion, and its loan book expanding to GH¢2.25 billion, a GH¢390.7 million increase from the previous year.

Mr Henry C. Onwuzurigbo, the Managing Director/Chief Executive Officer of Zenith Bank Ghana, expressed satisfaction with the trust customers placed in the bank's stability and financial strength, highlighting the significance of deposit mobilisation in strengthening liquidity.

The increase in lending activity was seen as a positive indicator for Ghana's economy, reflecting growing business confidence and potential economic productivity gains, according to Onwuzurigbo.

“We are glad to see the trust our customers have placed in the bank’s stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele,” Mr Onwuzurigbo said, adding: “Again, the upswing in lending activity is a positive indicator for Ghana’s economy. It indicates growing confidence in businesses and a potential increase in economic productivity”.

The bank's interest income saw a notable surge by GH¢317 million to GH¢1.38 billion, while fee and commission income grew by GH¢49 million.

However, the standout achievement was the exceptional performance in trading, with net trading income more than doubling to GH¢332.6 million.

Despite challenges such as a GH¢109 million impairment loss on financial assets, which impacted the bottom line, the bank's operating income appreciated by GH¢546 million to GH¢1.6 billion, showcasing the underlying strength of its core business activities.

Market observers believe that by addressing impairment losses and implementing cost optimisation strategies while growing its risk assets and investment portfolio, Zenith Bank Ghana is well-positioned for long-term financial success.

The bank's focus on customer satisfaction and strategic revenue generation is seen as laying a robust foundation for future prosperity, positioning it for continued success in the years ahead.