Nigeria, March 29 -- Zenith Bank has released its annual report for the 2022 financial year with all key income streams recording reasonable increase and revenue closing in on the N1 trillion mark.

The lender's audited annual report however indicate that the net profit of Nigeria's biggest bank by market value failed to keep pace with that of revenue as record inflation levels in the country pushed costs steeply up.

Similarly, gross earnings for the year jumped by roughly one fourth to N945.6 billion.

Interest and similar income came to N540.2 billion compared to N427.6 billion a year earlier as the bank reaped big from cycles of interest rate hikes by the central bank, which is enabling lenders to charge more for loans.

That in turn ...