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Tag: Zenith Bank

  • Mixed earnings: NSE indicators maintain negative outlook

    Activities on the Nigerian Stock Exchange (NSE), for the second consecutive day, maintained bearish trend, dropping further by 1.02 per cent due largely to mixed 2018 earnings reports.

    The market capitalisation on Tuesday, nosedive by N120 billion or 1.02 per cent to close at N11.677 trillion against N11.797 trillion on Monday.

    The All-Share Index maintained the same direction, dropping by 323.30 points or 1.02 per cent to close at 31,313.36 compared with 31,636.66 posted on Monday.

    The drop in market indices was contrary to expectations of some market analysts who were of the opinions that the market would rebound following relatively peaceful conduct of the general elections.

    Commenting, Mr. Ambrose Omordion, the Chief Operating Officer, Invest Data Ltd., told NAN that the lull was due to low liquidity in the system.

    Omordion said that the low liquidity was as a result of early exit of smart money in the market.

    He said that some smart investors whose expectations were dashed exited the market shortly after the presidential election.

    Omordion said that mixed numbers emanating from quoted companies for 2018 financial year contributed to the development.

    Meanwhile, Mobil recorded the highest loss during the day, declining by N5.10 to close at N165 per share.

    International Breweries trailed with a loss of N2.65 to close at N24.05, while Guaranty Trust Bank dropped by N1.80 to N35.50 per share.

    NASCON dipped N1 to close at N20.70, while Dangote Cement also depreciated by N1 to close at N194 per share.

    Lafarge Africa dominated the gainers’ table, gaining 50k to close at N13 per share.

    United Capital followed with a gain of 13k to close at N3.28, while UAC Property added 13k to close at N1.95 per share.

    Africa Prudential increased by 12k to close at N4.92, while Union Bank of Nigeria gained 10k to close at N7 per share.

    FBN Holdings was the most active in volume terms, exchanging 60.14 million shares worth N493.12 million.

    Zenith Bank followed with an account of 46.46 million shares valued at N1.05 billion, while Zenith Bankexchanged 14.47 million shares worth N35.32 million.

    Access Bank traded 11.45 million shares valued at N68.46 million, while United Bank for Africa sold 8.53 million shares worth N64.66 million.

    In all, a total of 219.37 million shares valued at N2.93 billion was traded by investors in 3,345 deals, representing an increase of 70.89 per cent.

    This was against 128.37 million shares worth N2.39 billion exchanged in 2,752 deals on Monday.

    NAN

  • Zenith Bank sees loan growth in 2019 as economy recovers

    Zenith Bank expects loan volumes to return to growth this year after 2018’s decline, and is targeting higher activity in the agricultural sector, the bank said yesterday.

    The lender said it aimed to grow loans by 7.5 per cent in 2019 after they declined last year due to early repayments, saying borrowers were replacing overdrafts with term loans. It had guided for loans to grow 2.5 per cent in 2018.

    “Our expectation is that the economy will continue to strengthen,” the bank told  analysts’ saying “it will throw up opportunities to grow the loan book.”

    Nigeria’s economy expanded in 2018 at its fastest pace since a recession two years earlier, while inflation fell in January from a seven-month high.

    The bank said it saw opportunities in the agricultural sector which receives good support from the government, and that as the economic recovery continues, it could also open up opportunities to lend to manufacturers.

    Zenith Bank on Tuesday posted a 16.2 per cent rise in pretax profit to N231.7 billion  for 2018. Its shares have risen 25 per cent from their January lows, though they fell 1.94 per cent on yesterday.

    The bank said its $500 million eurobond matures in April, saying it plans to repay the bond from its cashflow, and has no need to tap the market again immediately.

     

     

  • Zenith Bank posts N232b Profit Before Tax

    Zenith Bank Plc has posted Profit Before Tax (PBT)  N232 billion for the 12 months ended December 31, 2018.

    The lender also announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share, representing a yield of 11.2 per cent.

    According to the bank’s audited financial results, this represents an increase of 16.6 per cent over the N199 billion recorded for the same period in 2017.

    It is the highest so far published by any bank in the Nigerian Banking Industry in the current reporting period. Also, the results showed that profit after tax (PAT) witnessed an impressive growth of 11 per cent year-on-year to N193 billion from N174 billion.

    This record profit before tax (PBT) was achieved through the Group’s optimisation of its cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11 per cent to N6.15.

    Despite the challenging macro-environment, the Group mitigated the knock-on effects through growth of its net interest income and operating income by 15 per cent and eight per cent respectively as it was able to ensure improved cost efficiencies across the business. This focus on cost efficiencies is yielding tangible benefits as the group recorded its lowest ever cost-to-income ratio at 49.3 per cent from 52.8 per cent in 2017.

    The bank’s balance sheet remains shockproof as loan to deposit ratio, liquidity ratio and capital adequacy ratio were 44.2 per cent, 72 per cent and 25 per cent respectively and all above the regulatory threshold.

    Our risk-centric approach also ensured that cost of risk reduced significantly by 79 per cent from 4.3 per cent in the prior year to 0.9 per cent in 2018.  This was reflected through the drop-off in impairment charges by 81 per cent (N80 billion) compared to 2017, re-affirming the Group’s enhanced asset quality.

    In the same breadth, coverage ratio increased by 34.2   per cent from 143.4 per cent to 192.4 per cent over the same period, reflecting a prudent disposition to credit risk management.

    Cost of funds also moved in the positive direction, declining by 41 per cent from 5.2 per cent in 2017 to 3.1 per cent for the year, supported by a 33 per cent decrease in interest expense (N72 billion) over the same period, demonstrating a robust treasury and liquidity management.

    The Group’s efforts to deepen its roots in the retail segment have started yielding benefits.  This has resulted in a remarkable increase in the volume of transactions across various electronic platforms as well as significant customer acquisitions.

     

    This growth in transactions on its digital channels continues to support its retail push as fees from e-products increased by 44 per cent over 2017 with retail deposit balances also growing by 25 per cent.

     

     

  • Zenith Bank promotes cardless PoS collections

    Zenith Bank Plc has integrated and launched Unstructured Supplementary Service Data (USSD) payments on Point of Sales (USSD on POS).

    This enables customers to pay for goods and services via POS terminals in merchant locations or on e-commerce websites without the use of cards.

    The innovative payment solution, which is powered by CoralPay, allows Zenith Bank customers to use the *966# Eazy Banking (USSD) to pay for goods and services on POS terminals in merchant locations or on e-commerce websites through the generation of a payment code on the POS terminal which is then confirmed by the customer using their USSD pin.

    The Group Managing Director and Chief Executive Officer of Zenith Bank Plc., Peter Amangbo, noted that the bank has always been at the vanguard of technological innovations geared towards creating value for its customers.

    Speaking further, he observed that: “this solution is an exciting and highly innovative initiative in promoting financial inclusion, facilitating payments by customers either remotely in the comfort of their homes/offices or at merchant locations without the use of a payment card. With this solution, customers in remote locations plagued with challenges of poor Internet access can now carry out transactions easily using their feature phones”.

    Zenith Bank’s *966# Eazy Banking on POS will further drive financial inclusion through agency banking, allowing bank customers, irrespective of their bank, carry out withdrawals from their accounts or wallets without cards on the POS terminals at agent locations, creating broader coverage and penetration to areas with limited technology infrastructure.

    The solution has been successfully connected to all existing POS terminals through integration with leading Payment Terminal Service Providers (PTSPs) and directly to e-commerce sites (Websites) of Zenith Bank merchants/customers. It also supports wallet-to-wallet transactions across provider banks and Mobile Money Operators (MMOs), enabling interoperability across platforms, financial institutions and payment service providers (PSPs) in the payment industry.

    Built with convenience, accessibility and safety in mind for all customers, USSD on POS enables users complete financial transactions regardless of their location and type of mobile phone, as it does not require data or internet connection to process transactions.

     

     

     

  • Ekiti lifts embargo on Ecobank, GTbank, Zenith Bank

    TWO years after Ekiti State stopped Ministries, Departments and Agencies (MDAs) from patronising Zenith Bank, GT Bank and Ecobank, the government has lifted the embargo.

    Governor Kayode Fayemi announced the lifting of the embargo placed on the three  banks by the administration of former Governor Ayodele Fayose.

    The Fayose-led administration in May 2016, placed a “non-patronage” ban on the three banks and forbade MDAs as well as workers from transacting business with them.

    But in a statement by his spokesman Olayinka Oyebode, the governor directed MDAs to resume transactions with the banks.

    Acting on the directive, the Office of the state’s Accountant-General has issued a memo to heads of MDAs to give effect to the governor’s directive lifting the ban.

    According to the statement, the embargo was lifted in a bid to rekindle and strengthen the relationship between the affected banks and the state government.

    The statement reads: “The government took the decision after a careful review of the developments that led to the purported embargo by the immediate past administration.

    “The Fayemi administration is committed to the infrastructural and industrial development of the state.

    “In achieving this, it will create a conducive atmosphere for business to thrive in the state by partnering with the private sector and encouraging private initiatives, among others.”

  • Zenith Bank wins sustainability award

    Zenith Bank Plc has emerged as the ‘Best Institution in Sustainability Reporting in Africa’ for the second consecutive year.

    The bank won the award at this year’s Sustainability, Enterprise and Responsibility Awards (SERAS) held on Saturday, December 1, 2018 at the Muson Centre, Onikan, Lagos in recognition of the publication of its 2017 Sustainability Report.

    Zenith Bank’s 2017 Sustainability Report titled “Sustaining the Strong Momentum” is written in accordance with the new Global Reporting Initiative (GRI) Standards. The new Standards is designed to replace the older GRI G4 reporting guidelines and was unveiled in October 2016 by the Global Sustainability Standards Board (GSSB).

    The time frame set by the GSSB for institutions to comply with the new Standards is July 2018. Zenith Bank however used the GRI Standards for its 2016 Sustainability report, thereby emerging as one of the first institutions in the world to have mastered and adopted the new Standards one year ahead of schedule.

    As shown in the reporting database of the GRI, about 545 reports and 480 companies out of the over 50,000 reports by over 13,000 organizations that are hosted on that database have so far adopted the new GRI Standards worldwide. Zenith Bank is one of these exceptional organizations and is among the first 100 global early birds.

    Sustainability reporting provides a great tool for measuring progress in the adoption of sustainable business principles. These principles require organizations to adopt responsible environmental and social policies and practices, in line with the UN Sustainable Development Goals, the Nigerian Sustainable Banking Principles, the International Finance Corporation (IFC) Performance Standards, and the United Nations Global Compact (UNGC) Sustainability principles, among others.

    Sustainability reporting compels transparency, accountability and good corporate governance. It is also a major self-assessment tool that enables reporting institutions to see the gaps in their sustainability implementation with a view to closing them. This is why reporting has become a key performance indicator, especially among leading global brands.

    As a responsible corporate citizen, Zenith Bank takes seriously, its environmental and social responsibilities in all the communities where it operates. And reporting progress in the adoption of these best practices to stakeholders, is also a major corporate responsibility.

  • Zenith Bank holds 15th light up ceremony

    Zenith Bank plc has held it’s 15th light  up ceremony at the Eko Hotels round about.

    The light up was done by the bank’s MD Peter Amangbo and supported by other executive management staff.

    Speaking during the light up, the MD said Zenith Bank Plc has gained a lot of support and patronage by the society adding that Nigeria is our base.

    He said that the event is no doubt the greated lighting event in the entire universe.

    “The key thing is that the best can always come from Nigeria and I always say so.

    “Search all the continent, Africa, Europe Asia, North America. There is no one like the Zenith Bank light up event,” he said.

    He explained that light will be on until the end of January 2019 as he added that in the next two weeks, the bank will have its Christmas parade “which we have also been doing for about 15 years. We bring student from all schools across the state and these are school from allover including the affluence and the indigent,” he said.

    He thanked all the bank’s staff for their loyalty, support over the years.

    “Thanks to all our partners and suppliers for their commitment to the Zenith Bank. This is an opportunity for us as Zenith Bank to give back to the society. For the whole world to know that we have worked all round the year and the year is coming to an end.”

    “Thanks to God for keeping us alive and for all what we have enjoyed during the year. As we gradually roll to the yuledtide season I want to join all our staff to re-commit ourselves to serve  everyone.

    “Thanks to Quantum group for making this possible,” he concluded.

     

     

  • Outrage as cultists kill 17-yr old girl in Bayelsa

    Outrage and lamentations poured on Friday in Yenagoa, Bayelsa State, following the gruesome murder of a 17-year-old girl by suspected cultists, whose motive was to snatch her smart phone.

    Seifa Fred, a 100-level student of the state-owned Niger Delta University (NDU) was gunned down at close range while running an errand for her mother in the state capital.

    Fred, who was at home following the strike declared by the Academic Staff Union of Universities (ASUU), was said to have gone out at about 8pm to buy roasted meat popularly known as suya for her mother.

    On her way back, cultists who have made life in Yenagoa a living hell, were said to have attacked her close to her house and shot her in a bid to snatch her phone.

    Her mother was said to have rushed to the scene following the gunshot only to behold her beautiful fair in complexion daughter in the pool of her blood.

    The helpless mother raised the alarm to attract sympathizers, who rushed the girl to the hospital, but the young Fred was declared dead on arrival.

    Investigations showed that the incident was one too many as innocent residents in Yenagoa are constantly attacked and killed by cultists, who invade the streets to snatch smart phones.

    In the case of Fred’ an eyewitness, who spoke in confidence said the hoodlums waylaid and wasted no time to snuff life out of her.

    He said: “The incident happened at about 8pm beside Zenith Bank in Amarata area. The suspected street cultists, who were on the prowl, shot her and ran away with her phone leaving her dead on the ground.

    “Resident of the area came out and rushed her to the hospital, but she later passed out. She is currently at the mortuary”.

    Residents lampooned security agencies especially the police for failing to tame cultists and their violent behaviour in the state.

    One of the resident identified as Moses observed that armed cultists were roaming the streets and unleashing violence on victims without any hindrance.

    “It is as if Bayelsa is a lawless state. These boys are everywhere with arms killing and maiming people just to snatch their valuables especially phones. They operate at night and in daytime with hindrances. We are not safe. Imagine the cruel way the life of young and vibrant Seifa Fred was taken by them.

    “The government must rise to the occasion. They should partner with security agencies to stop this killing. The government should not allow cultists to form their own system of government”, he said.

    Further investigations showed that killings by cultists were daily happenings at Obele, Abor Road, Saint Peters area, Amarata, Kpansia, Opolo and Tombia area, described as red spots in Yenagoa.

    Some angry residents claimed that cult-related violence was on the increase because cultists arrested by the police escape justice after paying huge amount of money to void their prosecution. The claim, however, could not be verified.

    Read Also: Bayelsa receives N24.1bn Paris Club refund

    Some friends of Seifa Fred said she was chatting with them on some of her social media platforms a few minutes before her death.

    One of her friends, Gideon Owili said: “Bayelsa state is really insecure. Seifa Fred was online a few minutes ago. She had just be shot dead because a smart phone. She gave them the phone, but they still shot her. I am in tears and deep sorrow.

    The leader of the Egbesu Brotherhood, Apostle Bodmas Kemepadei, described the killing as unfortunate and called on the youths to stop the violence.

    “Cultism and abuse of drugs is on the increase, there is no day that passes in Yenagoa, that gunshots are not heard. People are being killed like chickens, yet no reports of arrests made.

    “We should join hands together to restore peace in our state, cultism affects us all, if you are not a cultist then you are a victim, don’t wait for this government, security is all of us business”.

    But the state government condemned the killing of Seifa Fred and called for collective efforts to stop agents of death.

    The Commissioner for Information and Orientation, Daniel Iworiso-Markson appealed to the security agencies to be alive to their duties.

    He said: “We need to get the security agencies to be alive to their responsibilities. This is no time to apportion blames. We all need to take responsibility for our collective security.

    “We must all collectively condemn this and rise up to confront these criminal gangs terrorizing our neighborhoods. The perpetrators are not spirit. They live among us. Let us not be silent. Let’s not be afraid or shy away from reporting them because it could be anybody next”.

    The police in a statement signed by the Police Public Relations Officer (PPRO), Asinim Butswat, confirmed the killing and promised to arrest the suspects.

    He said: “On 8 November, 2018, at about 2030hours, unknown suspected cultists at Amarata, Yenagoa, shot one Seiyefa Fred ‘f’ 16years, while trying to dispossess her of her mobile phone. The victim was immediately rushed to the hospital, where she was confirmed dead.

    “The Police have swung into action and are working on a promising lead on the identity of the suspects and efforts have been intensified to arrest them.

    “The command has embarked on community engagement meetings with relevant youth bodies in a bid to stem the tide of cult related activities. Members of the public should continue to assist the Police with useful information to combat crime in Bayelsa State”.

  • Three docked for obtaining bank loan with forged documents

    Three bank customers, who allegedly tendered forged documents to obtain N1.3 million loan, on Friday appeared before a Tinubu Magistrates’ Court in  Lagos on a five-count charge.

    The accused are John Fashina, 26; Olawale Akinboro, 35; and Alexander Onwa, 44.

    The accused, whose addresses were not provided, were charged with conspiracy, obtaining money under false pretences, theft, forgery and conduct likely to cause breach of peace.

    They, however, pleaded not guilty to the charge.

    The Prosecutor, Inspector Ben Ekundayo, told the court that the accused committed the offences on July 16 and Aug. 24, at Lekki, Lagos.

    Ekundayo said that Fashina and Akinboro – first and second accused – fraudulently obtained the loan from Oak Payday Solution Ltd. Loan Trust Microfinance Bank.

    He said that the third accused, Onwa, who had also applied for N3 million loan from the same bank but was denied because his documents were not authentic, orchestrated the forgery.

    He said that the accused forged Zenith Bank and Access Bank documents to obtain the loan.

    “Onwa, after his own failed attempt, told Fashina and Akinboro about it and organised how they got the forged documents which they tendered and got the loan.

    “The micro finance bank detected that the documents were not authentic when it was time to deduct money from the accounts; this led to their arrest,” he said.

    The offences contravene Sections 287, 315, 320, 363 and 411 of the Criminal Laws of Lagos State, 2015.

    Magistrate A.M. Olumide-Fusika granted each of the accused N500,000 bail with two sureties each in like sum.

    She ordered that one of the sureties must be a relation of the accused and the other, a civil servant.

    The case was adjourned until December 21 for trial.

     

    NAN

  • Zenith Bank lifts Women Basketball League with N24.6m

    Basketball fans and followers would be treated to the finest moments in female basketball as league sponsors, Zenith Bank Nig. Plc on Wednesday revealed that N24.6million has been provided to sponsor this year’s edition.

    The announcement was disclosed during a media parley in Lagos with members of the Zenith Bank representative and the Nigeria Basketball Federation to usher in the 2018 season.

    Peter Amangbo, Group Managing Director who was represented by Akin Ogunranti, the company’s Deputy General Manager, made the disclosure that the company was proud to support the league for the last 14 years.

    He said that the company was happy to announce to the public the plans to throw their weight behind the National Women’s League set to dunk off Oct. 28.

    “Over the past 13 years Zenith Bank Nig. Plc had sponsored NBBF/Zenith Bank Women’s National League as part of our contributions to society and youth development.

    “This is our core corporate social responsibility which also has come a long way with a partnership with the NBBF since 2005, beginning with just four teams and now has grown to 19 teams.

    “We are indeed delighted that our intervention which has continued to yield a tremendous result in the areas of women youth development.

    “This sponsorship has raised the profile of women basketball in Nigeria and contributed in no small measure to the discovery of several talents, many of whom play in the league, ’Amangbo said.

    He added that the bank was also very happy to host the historic senior national women’s team, D’Tigress which won the 2017 FIBA Afrobasket, held in Bamako, Mali.

    He also said that Zenith Bank also contributed financial support for the D’Tigress team that competed in the just concluded FIBA World Cup in Tenerife Spain.

    Meanwhile, the Vice President, NBBF, Babs Ogunade, said that Zenith Bank, for the last 14 years, had consistently to displayed great support for the development of basketball in Nigeria.

    He acknowledged the bank’s support for the 2017 Afrobasket winning team and also their financial support for the world cup team while in Atlanta camp.