Zenith Bank (Ghana) Limited emerged from the First Quarter (Q1) of 2024 with impressive financial results, showcasing a robust performance across profitability, liquidity, and capital adequacy. The Bank's unaudited financial statements for the period revealed a continuation of the stellar performance in 2023 with a 41.03 per cent year-on-year growth in profitability to GHS306.5 million, compared with GHS217.3 million in the same period of 2023. This performance was driven by a marked increase in both interest income and non-interest income, with interest income growing by 59 per cent to GHS437.6 million in Q1 2024 from GHS275.2 million in Q1 2023. Consequently, net interest income, which reflects the difference between interest income and interest expense, also saw a substantial rise of 59.2 per cent to GHS302.2 million in Q1 of 2024, up from GHS189.8 million in Q1 of 2023. Fees and commission income also grew by 9.6 per cent to GHS64.3 million in Q1 of 2024 compared to GHS58.7 million in Q1 of 2023. Thi s increase, in addition to the trading income of GHGHS91 million, helped to diversify Zenith Bank's revenue streams. The Bank's balance sheet also defines its strategic growth as its total assets grew by 39.6 percent to GHS15.1 billion in Q1 of 2024, from GHS10.8 billion in the comparative period of 2023. A striking feature of this growth was a 54.9 per cent increase in loans and advances to GHS2.1 billion in Q1 of 2024, reaffirming the Bank's commitment to enhancing credit availability to various real sectors of the economy. This also suggested a strong demand for credit from businesses and consumers, potentially indicating a pick-up in economic activities. The growth was also reflected in a GHS1.75 billion increase in investment securities year on year, underscoring the Bank's strategic approach to diversifying its portfolio of earning assets. Deposits from customers reached GHS12.7 billion in the first quarter of 2024 compared to GHS9.3 billion last year, indicating a 36.4 per cent increase year on ye ar. This surge not only reflected the growing trust and confidence of the Bank's clientele but also underscores its reputation for delivering exceptional value and customer service. Beyond profitability, the Bank maintained a firm grip on its financial well-being. Its liquidity ratio, a key metric for measuring a Bank's ability to meet short-term obligations, improved to 99.84 per cent in Q1 9f 2024, compared to 92 per cent in the same period last year. This indicated Zenith Bank Ghana's exceptional capability to manage its cash flow and fulfil its short-term financial commitments. Furthermore, the Bank boasts an impressive Capital Adequacy Ratio of 31.76 per cent at the end of Q1 of 2024, surpassing the regulatory minimum requirement of 10 per cent. This robust capital adequacy ratio is a testament to the Bank's strong capital base and its ability to absorb potential losses and maintain financial stability during economic downturns. Zenith Bank Ghana's credit quality continues to improve, notwithstandi ng the growth in risk assets. The Bank's Non-performing loans ratio dropped from 5.05 per cent in Q1 of 2023 to 2.14 per cent in Q1 of this year, suggesting credit risk management strategies are proving effective, leading to a high-quality loan portfolio. Mr. Henry Onwuzurigbo, the Managing Director/CEO of Zenith Bank (Ghana) Limited, assured that, 'Our approach is to deepen our understanding of customer needs and to provide financial solutions that will foster beneficial synergies for all stakeholders.' He said the bank's commitment to this strategy had been pivotal in achieving the remarkable results seen today, and 'we remain extremely grateful to customers for the beneficial relationship over the years. We will continue to team up with them for excellence in the remaining quarters of the year.' Source: Ghana News Agency