The Nation Newspaper

Tag: Zenith Bank

  • CBN increases forex limits to BDCs

    CBN increases forex limits to BDCs

    …To release special intervention fund for Agric and Manufacturing 

     

    The Central Bank of Nigeria (CBN) has moved the limit that banks can sell to Bureaus De Change (BDCs) from $30,000 to $50,000.

    Addressing journalists at the Bankers’ Committee meeting in Abuja Tuesday, the Managing Director of UBA Mr. Kennedy Uzoka disclosed that the decision to increase the amount that banks can sell to BDCs was taken to drive down the price and ensure that people get enough to pay school fees as schools are about to open and grieving that people who will be traveling at this period will require Basic Travel Allowance (BTA) and PTA.

    Members of the bankers’ committee urged BDCs to approach banks and apply for foreign exchange.

    By increasing the amount that BDCs can purchase from banks the bankers’ committee noted that the decision was not a reversal of earlier decision but a tweaking of the earlier decision because the country is battle a dollar crisis.

    Also speaking on the development, Mr Isaac Okorafor of the CBN said the apex bank “will now have to monitor strictly that people do not abuse the process.

    Managing director of Zenith Bank, Peter Amangbo in his address, told journalists that in keeping with the coming celebration of World Savings Day, all banks in Nigeria will break into different groups to cover all the Local Government Areas in the country to sensitize those at the grassroots on the need for people to save massively.

    Amangbo stated that the sensitization of the grassroots by all banks “is to grow the pool of funds available for lending and the need to save.”

    The Zenith Bank boss noted that “there will always be disparity in savings and interest rate stressing that the gap is not as wide as people think it is and the longer people save the more interest they will earn.”

    On the recent directive by the CBN to all banks to open savings account with zero amount, Amangbo said the decision was new and has been in effect for about two years now. According to him, “there are lots of accounts that can be opened with minimal documentation.”

    On the need to have bank branches in all the nooks and cranny of the country, Amangbo said “you don’t need brick and mortar branches anymore because mobile apps are now game changers as a result there is no need to have beaches in Local Government Areas (LGAs).

    The CBN’s director of Banking Supervision, Mrs Tokunbo Martins disclosed that a decision was taken at the end of the bankers’ committee meeting to start disbursing the special intervention fund to support primary agricultural projects and core manufacturing.

    According to Tokunbo Martins “the CBN took from the bank’s cash reserves called the special intervention fund, that fund has been with the CBN for some time.”

    This special intervention fund she said will be “for projects that support import substitution, projects that will help protect foreign exchange such that whatever we were importing before can be manufactured.”

    This fund she added “will be released to this kind of projects, it will not be released to any kind of project and once these funds are released there will be some ease on the system and there will be more liquidity so important projects will get financing at a lower single digit interest rate.”

    She also clarified that the decision to have banks write off their Non Performing Lao s (NPLs) was not an arbitrary decision but that the “only NPLs that have been fully provided for in the books for the banks are those that can be written off and not an arbitrary right off of NPLs.”

     

  • Zenith Bank’s profit drops as bad loans rise

    Zenith Bank’s profit drops as bad loans rise

    Zenith Bank Plc witnessed declines in its top-line and profitability in the first half as the quality of the bank’s credit assets worsened. The proportion of non-performing loans to gross loans spiked up to 2.34 per cent by the end of first half 2016 compared with 1.44 per cent recorded in the comparable period of 2015.

    Zenith Bank’s share price dropped by 2.50 per cent to close at N15.60 per share as the much-awaited results filtered into the stock market.

    Key extracts of the audited report and accounts for the six-month period ended June 30, 2016 showed that gross earnings dropped by 6.23 per cent while pre and post tax profits declined by 12.35 per cent and 15.68 per cent respectively. Non-performing loans rose to N54.67 billion by first half of 2016, indicating addition of about N10 billion to the full-year classified loans of N44.9 billion.

    The report indicated that while gross loans and advances grew by 15.3 per cent during the six-month period, non-performing loans rose by about 22 per cent. Gross loans, which closed 2015 at N2.03 trillion, rose to N2.34 trillion by June 2016.

    The contraction in net earnings depressed earnings per share to N1.43 in first half 2016 as against N1.69 recorded in comparable period of 2015. The board of the bank has however recommended interim dividend per share of 25 kobo for first half 2016, retaining the same amount paid in 2015.

    Gross earnings closed June 2016 at N214.81 billion as against N229.08 billion recorded in first half 2015. Profit before tax dropped from N72.20 billion to N63.28 billion. Profit after tax declined from N53.18 billion to N44.84 billion.

  • Zenith Bank launches mobile banking solution

    Zenith Bank Plc has launched a new mobile banking solution to make banking simpler and interesting. The bank’s *966# Eazybanking solution, launched into the Nigerian market, will complement the Central Bank of Nigeria’s (CBN’s)  effort to build a cashless economy and enhance financial inclusion.

    The Unstructured Supplementary Service Data (USSD) banking solution enables people to perform financial transactions on all known mobile phones (Feature, Smartlite or Smart), without having to go on the net or download a mobile app.

    The lender explained USSD is a Global System for Mobile (GSM) communication technology used to send texts between a mobile phone and an application programme in the owner network and the adoption of this technology allows people to do a lot of banking transactions even on the most basic of mobile phones.

    It said the simple solution allows mobile phone users buy airtime, transfer money, pay bills, check their account balance and even open a Zenith Bank account, anytime and anywhere.

    It positions the bank for future growth as internet penetration continues to deepen in Africa and the use of mobile phones becomes the new and preferred banking channel.

    The USSD banking solution will complement the Zenith Mobile Banking application, already well accepted among its discerning customers.

    Customers register by dialing *966# from their registered mobile numbers and following a simple set-up as prompted by a string of instructions after which they can easily carry out banking activities anytime, anywhere, from the comfort of their mobile phones.

    To open a Zenith Bank account, potential customers are required to dial *966*0# and follow the prompts, following which an account number is automatically generated for the customer and they can start running the account after a short visit to any of the bank’s branches.

  • Fayose cries out over alleged freezing of account by EFCC

    Fayose cries out over alleged freezing of account by EFCC

    Indications have emerged on Monday that a personal account run by Ekiti State Governor Ayo Fayose has been frozen by the Economic and Financial Crimes Commission (EFCC).

    Fayose’s  personal account in the Zenith Bank, Ado Ekiti branch, was allegedly frozen on the order of the anti-graft agency,  a source in the bank confirmed last night.

    The development was later confirmed by a statement signed by his Chief Press Secretary, Idowu Adelusi and a broadcast relayed on the Broadcasting Service of Ekiti State (BSES).

    The governor who accused the Buhari administration of running a “selective anti-corruption crusade” alleged that the accounts of his political associates and followers were also frozen by the EFCC.

    He claimed that he was not informed that he had committed any offence because his account was frozen.

    Fayose, who had earlier  issued a counter-cheque to make withdrawal and was rejected by the bank, visited the Bank located at Onigari  , GRA in Ado Ekiti,  describing the action as criminal and illegal.

    The governor accused some leaders of the All Progressives Congress (APC) and a prominent lawyer from the state of being the brains behind the action.

    While condemning the action, Fayose said under the constitution of the Federal Republic of Nigeria, especially th‎e provisions contained in Section 308, he enjoys immunity and wondered why his personal properties should become the targets of Federal Government and it’s agencies under the guise of fighting corruption.

    “Section 308 of the 1999 Constitution gives me immunity just like the President. I wouldn’t know why these people are intolerant of others and in a haste. Let them wait till 2018 when I will end my tenure for them to do their investigati‎on. The other time the EFCC accused me of embezzling N1.2 billion poultry project fund, I was the one who voluntarily reported myself to the EFCC.

    “It was ‎when I got a hint of their move that I wrote a cheque to withdraw some money from the account and I came myself. I was denied access to the account as I was told the EFCC has placed restriction on it. That is executive rascality taken too far. Even when I had case with EFCC my properties were not affected.

    “If they say they are investigating money spent on election, does it mean it is only Peoples Democratic Party (PDP) that spent money on election? A lot of people and groups supported my campaign then.

    “Where did APC and their leaders get the money they spent on 2015 general elections from? Now it is only in PDP that they find thieves, to them there are no theieves in the APC.

    “Even the President cannot claim to be an angel. The estate he built in Abuja is known to us. His wife was indicted over the Halliburton Scandal. When that American, Jefferson, was being sentenced, the President’s wife was mentioned as having wired $170,000 to Jefferson. Her name was on page 25 of the sentencing of Jefferson. We can serialize the judgment for people to see and read.

    “We will not allow this and we will defend our rights within the law of the land. Those who th‎ink they can silence me are mistaken. I am a person who is not perturbed by things like this.

    “Let them wait till 2018 when I will finish my term and I will be the one to go and meet them. I won’t run away and let them investigate the whole world, I have nothing to hide or fear,” he said.

    Fayose who vowed to  challenge the action appropriately.

  • Abia partners Zenith Bank on funds leakages

    The government of Abia State is partnering with the Zenith Bank Plc in its efforts to eliminate fund leakages in all government ministries and parastatals during pay rolling of staff in government agencies.

    Speaking in Umuahia while inaugurating the steering committee of Abia Workforce Identity Verification Payroll Management System, Governor Okezie Ikpeazu said his administration is determined to eliminate fraud at all levels in the state.

    He said the state government will work together with the development partners [Zenith Bank] in order to eliminate leakages and fraud usually associated with the payroll system.

    In his speech, the Zenith Bank Regional Head, covering Imo and Abia states, George Okenwa, said the era of bunch of thieves earning multiple salaries in the state under the guise of ghost workers has come to an end.

    In his vote of thanks, the chairman of the committee and Secretary to the State Government [SSG], Dr. Eme Okoro, said the committee would work assiduously with the development partners to ensure full and proper implementation of the government policy.

     

  • Zenith Bank, French firm boost power sector with N19.9b

    Zenith Bank, French firm boost power sector with N19.9b

    Zenith Bank Plc and the French Development Agency (Agence Francaise de Development (AFD), operator of France’s bilateral development finance mechanism, at the weekend in Abuja, signed a $100million (about N19.9billion) power sector credit facility to boost new investments in the capital expenditures of Distribution Companies (DisCos).

    The signing of the facility which took place in the inner chambers of the Aso Rock Villa on the sidelines of the security summit, was witnessed by the visiting French President Francois Hollande and President Muhammadu Buhari.

    The facility will be a reprieve for the DisCos that are currently weighed down by debt burden with historic debtors made of mainly government establishments, including the military and security agencies alone accounting for over N93billion.

    Leading the team of Zenith Bank’s top executives to the bilateral session was its Chairman, Mr. Jim Ovia, while the Chief Operating Officer and Member, Executive Board from the AFD Headquarters in Paris, Mrs. Laurence Breton-Moyet, led the agency’s team.

    Under the arrangement, a maximum of $50million can be on-lent to any single borrower at single digit interest rate for a tenor of between seven and 12 years, with a moratorium of between two and three and half years, depending on the project’s cash flow.

    The AFD facility is aimed at reinforcing, rehabilitating and modernising the existing distribution networks with the sole target of stabilising the grid. The facility also provides for technical assistance and other advisory services, both to the benefiting DisCos and the partnership bank.

    Zenith Bank Plc has remained, not only a leading financier of investments aimed at developing the power/energy sector in the country, but also a key player in many other sectors of the economy including; oil and gas, agriculture, manufacturing, communication, transportation, real estate and construction, among others. In the financial year ended December 31, last year Zenith Bank reported a profit after tax (PAT) of N105.66billion – the highest in the Nigeria banking industry for the year; with total assets at over N4trillion.

    AFD, a public industrial and commercial institution with the status of specialised financial institution, is working in consonance with France’s framework document for development cooperation to combat poverty and promote sustainable development by financing and supporting projects that improve living conditions for populations, promote economic growth and protect the planet.

  • Dana Air opens more points of sale in Accra

    • Partners more Banks for book on hold 

    Dana Air has introduced more point of sales and contact centres for customers in Accra.

    The spokesman of the airline, Mr Kingsley Ezenwa disclosed on Monday.

    According to Ezenwa the new move is aimed at ensuring accessibility and seamless process of ticket booking and payment.

    The airline, he also said is in talks with four more banks for its Book on Hold payment option.

    Speaking on the development, Dana Air’s Accountable Manager, Mr Obi Mbanuzuo, said the airline strategically opened the offices at Liberty Avenue Adabraka and Cornestone Arcarde, Mensah Woos Street, East Legon.

    The decision of the offices locations were based on the demands of its passengers and the need for the airline to have multiple payment options and outlets for passengers.

    Commenting further, Obi said: “Apart  from Guarantee Trust Bank, Zenith Bank and United Bank for Africa; we are also in talks with Access Bank, Fidelity Bank, UMB and Barclays Bank for book on hold payments. 

     All our guests need to do is just to book their tickets on our website and then make payments at any of the listed banks within 12 hours.”

    He urged frequent flyers to register for the airlines’ frequent flyer program – Dana Miles and take advantage of the multiple benefits that will follow and also expect more amazing packages in the months to come.

    Only recently, Dana Air launched a promo tagged, “Show your loyalty’’ which entails guests to fly five times and get a free ticket on any of its route- Accra, Abuja, Lagos, Port Harcourt and Uyo.

     The airline is reputed for its world-class in-flight service, superior on-time performance and innovative online

  • Zenith Bank WBL: First Bank BC takes on Benue Princess

    •Dolphins take on Customs

    First Bank Basketball Club will take on Benue Princess today at 3pm in their opening game of second phase of Zenith Bank Women Basketball League, which began in Asaba yesterday.

    First Bank’s coach, Peter Ahmedu said that game would afford his team the opportunity to showcase what they have learnt when the league went on recess after the first phase in Abuja. He stated that they would take the games one after the other.

    “Of course, we observed that the players made some mistakes in the first phase, but since we got to Asaba, we have worked on the players ad hopefully, we will be in the right frame of mind to perform at optimum level.

    “Though we won all our games in the first round, there is always room for improvement and that we hope to achieve that when we start the second round game today. It is always difficult to be at top level throughout the season, but we hope to be at our outmost best during the finals in Lagos.

    “I must confess that the atmosphere is not conducive. The upright is not made of fibre, the playing surface is too strong, while the hall is hot because the roof is made of zinc. I am happy we got to Asaba early and we have acclimatised.

    Meanwhile, Dolphins’ coach Ochuko Okworogun said her team arrived in Asaba on Friday and her players were not able to train on Saturday because the floor of the hall was being worked on. She, however, assured that her players were ready to continue their winning streak in Asaba.

    “We won all our games in Abuja, but some teams gave us a scare, but we have also corrected all the lapses noticed and we hope to do better in Asaba. Like I said in Abuja, some of the smaller teams have really improved, but we are up to the task.

    Dolphins takes on Custom by 5pm today.

  • Zenith Bank WBL: Teams intensify preparation for second phase

    Zenith Bank WBL: Teams intensify preparation for second phase

    After a successful campaign in the first phase of the Zenith Bank Women Basketball League, all the team are currently training to ensure that they amass enough wins and points to qualify for the final, which comes up in Lagos.

    The second phase will begin in Asaba on April 10 with arrival and technical meeting fixed for April 9.

    Sportinglife gathered that most of the team are training hard to ensure that they give a good fight against Group leaders, Dolphin and First Bank Basketball Club, while youthful team, First Deepwater BC hopes to continue their beautiful run in the second phase.

    It was also gathered that Dolphins are currently hard in their gym in Lagos, hoping to arrive in Asaba , a day before the jumb-ball, while the home, Delta Force, which also had a decent run in the first phase are also perfecting strategies to ensure they have the support of the home fans.

    Already, First Bank Basketball Club have underlined their desire to reclaim the league title by moving straight to Asaba after the first phase ended in Abuja.

    The Elephant Girls (First Bank) are topping Group B after winning all their nine games at the first phase in Abuja.  Their early arrival, according to the officials, would enable the players train well for the second phase, which begins on April 10 at the sports hall of the Asaba Stadium.

    Coach Peter Ahmedu said he was happy that the management of the team accepted his proposal to have the team travel down to Asaba from Abuja instead of coming to Lagos and leaving for Asaba few days to the beginning of the second phase.

    “It is a good development that we are already in Asaba to prepare for the second phase because it will help us acclimatise and get to have a feel of the sports hall before the competition starts. This was what we did before the first phase and it really helped the team.”

    He said the aim of the team is to remain focus and emerge the champions at the end of the season. He praised the players for their first phase display and urged to them to improve on their first phase performance.

    “The players did their best in the first phase and all over them played so that we can know what part of their game they need to improve.

    “Like I always say, we take it one game at a time and hopefully the players will carry out the coaches’ instruction on the court. Some teams have also improved and I believe that competition among teams will be better in Asaba,” Ahmedu added.

  • Zenith Bank extends reach with retail, innovative products

    Zenith Bank extends reach with retail, innovative products

    Zenith Bank Plc, a leading lender, is looking beyond corporate banking, expanding its retail banking units. The bank is leveraging on high technology and innovative products to consolidate its net-worth clientele and the unbanked at the retail-end of the market, writes Group Business Editor, SIMEON EBULU.

    Defining  the goal and identifying the operating ones environment in any endeavour is a critical factor in determining the success, or otherwise of any enterprise.

    Zenith Bank Plc, a leader in the provision of financial services to businesses, is expanding its horizon to deepen its activities at the retail end of the business.

    The lender is engaging its cutting edge technology and innovative products to boost its service delivery, not only to its net-worth clientele, but also to the youth – that vibrant segment of the population in dire need of the excellent services already being enjoyed by the bank’s net-worth customers.

    This phase of financial inclusion will enable Zenith Bank to serve as many people as possible in the country, delivering a range of financial services to everyone who could use them and lift people from the zone of financial quagmire, usually typified by want and lack.

    Specifically, this would allow for a process, or situation that creates ease of access to, and usage of formal financial systems by customers, who will ultimately become drivers of the economy and eventually contribute their quota to the economic growth of the nation. It simply typifies a process where all members, youths, students, traders, name it, operating in the economic space, or playing field, do not have difficulty in opening bank account; can afford to access credit; and can conveniently, easily and consistently use financial system products and facilities without difficulty. It is the process which ensures that a person’s in-coming money is maximized, out-going is controlled and can exercise informed choices through access to basic financial services.

    Over the years, Zenith Bank, leveraging on the near limitless opportunities provided by technology, has successfully served customers at the high-end of the market and delivered impressive returns to shareholders in the process. This is validated not only by the consistent delivery of ascending impressive financial results, year-in- year out, but also by the retention of its customers, shareholders inclusive, who have kept fate with the financial institution from inception, in its over twenty five of existence.

    Its uncontroverted leadership position, earned in its diligent pursuit and implementation of globally acceptable Good Corporate Governance Principles, has earned the Zenith Bank awards both locally and internationally.

    The bank has equally established itself as a leader in corporate and investment banking, as validated with the KPMG’s ‘Nigeria Banking Industry Customer Satisfaction Survey of 2014’ confirming it’s position as the most customer focused bank among its peers in the country in both the retail and corporate segments.

    With Zenith Bank’s full scale entry into the retail playing field, potential customers, who’ve been watching from the sideline, on the perception (rightly, or otherwise) that the bank was only cut out to service the financial and entrepreneurial needs of the high echelon of the society, will now be able to access the efficient service delivery that hitherto have been the exclusive preserve, or available to only high net worth customers and corporate bodies. The era now is a Zenith Bank for all.

     

    What’s on offer

    The bank has designed and designated some specialised accounts to meet the specific needs of its target customers. A diligent engagement in these new products will make high flyers of this category of customers. These accounts which are within the retail banking space have their specific features and benefits. They include:

    • Aspire Account – this is targeted at the youth
    • eaZySave Classic Account and
    • eaZySave Premium Account – these have zero account opening balances.
    • Zenith Premium Gold and
    • Zenith Premium Platinum – these are COT free and interest bearing.

    The processes of opening these categories of accounts have been simplified and made enticing. Just take a look.

     

    • Product Description

    Aspire is a savings account designed for the tech savvy, brand conscious, entertainment and socially enlightened student who want flexibility, convenience, benefits and rewards.

     

    • Product Features &

    Benefits

    –  Ages: 16 – 34

    –  Zero account opening balance

    –  Choice card design: Aspire Ultra, Ace & Zeal

    –  Cashless banking (ATM, POS, WEB, Mobile)

    – Exclusive Z-Mart retail discounts and other periodic promotions at participating merchants nationwide.

     

    • Product Requirements

    –   Passport photograph

    –    Duly completed account opening form

    –    School ID Card or Admission Letter & verifiable means of ID

    You can open an Aspire account at your nearest Zenith Bank branch.

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    • Product Description

    eaZySave classic account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

     

    • Product Features &

    Benefits

    – Zero account opening balance

    – Maximum Single Deposit – ¦ 20,000

    – Maximum Cumulative  Account Balance                    – ¦ 200,000

    –  Debit card – Domestic Use Only (¦ 1,000)

    – Mobile Money:

    – Transaction Limit: ¦ 3,000/Per transaction,

    – Maximum cumulative mobile money balance: ¦ 30,000

     

    • Product Requirements

    –  Passport photograph

    – Duly completed account opening form

    – Registered mobile number

    You can open an eaZySave account at your nearest Zenith Bank branch

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    • Product Description

    eaZySave premium account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

     

    • Product Features &

    Benefits

    – Zero account opening balance

    – Maximum Single Deposit – ¦ 50,000

    – Maximum Cumulative  Account Balance                    – ¦ 400,000

    – Debit card

    – Inter-bank transfers

    – Internet banking

    –  Mobile Money:

    • Transaction Limit: ¦ 10,000/Per transaction,
    • Maximum cumulative mobile money balance: ¦ 100,000

     

    • Required

    Documentation

    – Duly completed account opening form

    – Verifiable means of identification

    – Passport photograph

    – Registered mobile number

    You can open an eaZySave account at your nearest Zenith Bank branch.

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

    There are yet other categories of accounts that are equally beneficial and fascinating.

    • Zenith Children Account (ZECA)

    Product Description

    Zenith Children Account is a special deposit account with focus on children education and their bright future. ZECA is more than a regular savings account. It offers a lot of benefits for both parent and child.

    • Product Features & Benefits

    –  Zero account opening balance

    – Age qualification: 0-16 years with automatic  transition to ZECA Teens (13 years) and  Aspire (16 years)

    – SO’s (Standing Orders) for school fees payment

    – Special Invitation to Zenith’s Annual Children’s Parade

    – Special end of year gifts

    – Withdrawal from any of our branches nationwide

    – Cashless  banking (ATM, POS, Web, Mobile)

    • Product Requirements

    – Birth certificate of child

    – 2 Passport photograph of child and parent/guardian

    – Valid means of ID

    – Utility bill

    This account can be opened at Zenith Bank’s branch close by

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    The KPMG survey, which confirmed Zenith Bank’s status as the most customer focused bank, centred on the perceived quality of customer service delivery by banks from the customer’s perspective across the Retail, Corporate/Commercial and Small & Medium sized Enterprises (SME) segments. And for 2013 and 2014, Zenith Bank led as the preferred by customers.

    For the second consecutive year in the retail segment, Zenith Bank emerged as the most customer-focused bank, followed by others.

    In the SME segment, Zenith Bank moved from second position in 2013 to become the most customer focused bank with others following in the queue, while in Corporate banking customers still ranked Zenith Bank as the most customer focused for the 2014 review period.

    In addition to being the most customer focused bank, Zenith Bank’s performance on all parameters has been recognised by other bodies. A survey conducted by PricewaterhouseCoopers (PWC) to determine the most respected companies and Chief Executives in Nigeria, Zenith Bank emerged first among the banks. In arriving at the conclusion, PWC said a respected company is defined by these enviable parameters: “A good corporate citizen, which is socially responsible with high ethical standards; a trusted company, which promotes good values with a unique and excellent leadership style, coupled with strong management principles and structure plus a smooth succession plan as well as a very resourceful company with excellent business culture.”

    It listed other parameters to include a visionary and revolutionary company with strong focus, innovative with popular brands of high quality; engaging in human capital development and high capacity building and an indigenous company with high local content.

    PWC may have taken into cognisance Zenith Bank’s adherence to good corporate governance practices as well as global best practices and its emergence as a globally recognised brand. The bank’s personnel also believe likewise.

     

    Going forward

    Run by a stable board and management, Zenith Bank has created a professional environment where individuals are encouraged and can aspire to achieve their potential.   Under the management of Peter Amangbo, the bank has a pool of talents at both the middle and top management level, which has enabled it to remain competitive through the series of banking reforms in the country.

    The bank, Nigeria’s biggest by Tier-1 capital sees technology as an enabler and as a generator of new opportunities.

    In Amangbo’s words: “We are forward-thinking, benchmarking trends in technology to shape our future coupled with our practical delivery on a highly automated platform that makes us unique. As the country’s information technology (IT) infrastructure improves, our leading edge in IT keeps us well positioned in the global banking community to sustain our offering of exceptional E-banking services. This is complemented by our risk management system that creates a blend that not only grows our customers’ businesses but also strengthens them. Our credit management system stresses rational procedures and transparency,” he added.

    Zenith Bank blazed the trail in digital banking in Nigeria, scoring several firsts in the deployment of information and communication technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

     

    Financial results

    The bank has been posting impressive financial results over the years, rewarding shareholders with equally impressive dividends.   For instance, its five-year performance from 2009 to 2013 showed steady growth in profit and returns on investments.

    For instance, revenue grew from N277 billion in 2009 to N244 billion in 2010, N307 billion in 2012 and N351 billion in 2013. Profit before tax rose from N35 billion, to N50 billion in 2010, N61 billion in 2011, N101 billion in 2012 and N111 billion in 2013.

    No less heartwarming is the Return On Investment to shareholders, who have been benefitting from the growth witnessed in the profitability over the years.  Shareholders got a dividend of N11 billion in 2009, N26 billion in 2010, N29 billion in 2011, N50 billion in 2012 and N54 billion in 2013.

    Zenith Bank ended  the nine months  to  September 30, 2014 with  profit before tax of N87 billion, profit after tax of N71 billion. Total assets stood at N3.408 trillion and shareholders’ funds N523 billion.

    Zenith Bank Plc. was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO).  The bank has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, Zenith Bank listed $850 million worth of its shares on the London Stock Exchange (LSE).

    The bank has over 500 branches and business offices in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank also has subsidiaries in Ghana, Sierra Leone, and Gambia. The bank also has representative offices in South Africa and The People’s Republic of China.