First Quarter Group Results

Consolidating Earnings and Profitability Contd. ■ Net Interest Margin - NIM declined from 7.3% in Q1 2022 to 6.9% in Q1 2023 due to increase in interest rate on deposits. Cost of Funds & Net Interest Margin 8.9% ■ Cost of Funds rose to 2.7% in Q1 2023 due to the rise in interest rates. ■ Cost-to-Income Ratio improved by 3% to 53.5% recorded in Q1 2023 as the group strives to improve on its level of operating efficiency. 7.7% 6.9% 7.3% 6.0% JJJJJ 3.0% 2.6% 2.7% 1.1% 1.3% Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Cost to Income Ratio 52.7% 50.9% 53.2% 55.0% 53.5% .... Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 © 2023 ZENITH BANK PLC | First Quarter Group Results Presentation to Investors & Analysts | Page 15

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