ZENITHBANK has delivered significant improvements from its retail strategy, which, most notably, resulted in a 2.5x increase in retail deposits to N2.6 trillion between 2017 and H1'22. Cost-of-funds (CoF) has also plunged from 5.8% in FY'17 to 1.5% in H1'22, aided by the aggressive retail tilt.
In recent quarters, rising yields and improving market volatility have positively impacted NII and NIR, a pattern we expect to subsist for the rest of FY'22. This view is premised on expectations of continued tight system liquidity and hawkish monetary policy rendition geared towards (according to the CBN) combating demand-side triggers of inflation
