First Quarter Group Results

Continuous Efforts Towards Cost Optimisation. Total operating expenses grew by 19% YoY. Main drivers of operating expenses include high energy cost, increase in regulatory costs and inflationary pressures. Total Operating Expenses Q1 2023 Depreciation & armortisation Personnel expenses 23.2% Other expenses 11.9% Outsourcing services 4.9% Travel & hotel 0.9% 7.9% Security & cash handling 1.8% Q1 2022 N'million Personnel expenses Q1 2023 Q1 2022 23,168 YOY 21,539 8% NDIC Depreciation & armortisation 8.7% Depreciation & Premium 6.6% 7,890 7,197 10% armortisation AMCON premium NDIC Premium 6,558 28.8% AMCON premium 28,692 4,972 32% 21,399 34% Personnel expenses 25.9% NDIC Premium 6.0% AMCON premium 25.8% Training & development 300 Information technology 2,217 239 26% 4,354 -49% Other expenses 14.0% Training & development Advertisement & 4,107 3,081 33% promotions 0.3% Outsourcin Fuel & maintenance 7,395 Information 3,420 116% g services 4.0% technology 2.2% Security & cash handling Travel & hotel 1,281 851 Advertisement & Outsourcing services 4,915 1,227 4% 686 24% 3,322 48% Travel & hotel 0.8% promotions 4.1% Other expenses 11,832 Total 99,206 11,583 2% 83,019 19% Security & cash handling Fuel & 1.5% maintenance 7.4% Training & development 0.3% Information technology 5.2% Advertisement & promotions 3.7% Fuel & maintenance 4.1% © 2023 ZENITH BANK PLC | First Quarter Group Results Presentation to Investors & Analysts | Page 20

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