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Tag: Zenith Bank

  • 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.

  • Zenith Bank WBL Opening ceremony holds today

    Zenith Bank WBL Opening ceremony holds today

    All is now set for opening ceremony of the Zenith Bank Women Basketball League, today at the sports hall of the National Stadium, Abuja.

    Two games will be played with all the team already in Abuja on Thursday to battle for the top prize. All the team are defending champions, Dolphins BC, First Bank, Immigration, Sunshine Angels, First Deepwater, FCT Angels, Coal City Queens, Taraba Hurricanes, Zamfara Babes and Nasarawa Amazons. Others are Oluyole Babes, GT 2000, IGP Queens, Delta Force, Benue Princess, Ahip Queens, Plateau Rocks and Customs, have arrived the venue of the competition.

    Some teams who got to the venue of the championship early were seen training and perfecting strategies for the competition. First Bank was the first to arrive Abuja and that was two weeks ago and have played series of friendly games to put the team in good stead for the competition, while Dolphins are also hoping for a successful title defence.

    The Nigeria Basketball Federation (NBBF) have assured everyone that the competition will be hitch-free, noting that the teams would give the fans something to cheer about. The NBBF President, Tijani Umar has promised to ensure the league become a better commodity, Umar assured that the NBBF would ensure better game schedule and expand the league system as soon as more money is made available.

    Also, the Technical Committee has expressed readiness for the event and urged the teams to adhere to the rules of the competition.

  • Bank to forfeit N150m as Russians jump bail

    Bank to forfeit N150m as Russians jump bail

    The Federal High Court in Lagos Thursday ordered Zenith Bank Plc to forfeit N150million to the Federal Government after three Russians, who it provided a guarantee for, jumped bail.

    The three are among 14 foreigners accused of dealing in crude oil without licence.

    Justice Ibrahim Buba had issued a bench warrant for their arrest and revoked the bail granted the other accused persons.

    The judge had also ordered the bank, which provided the bond for the bail granted the accused persons for N50million each, to show cause why it should not forfeit the money.

    Thursday, the court heard that the Russians could not be found and the bank could not account for their whereabouts.

    Consequently, the judge ordered that he bail guarantee be forfeited.

    Among the accused are Russians, Ukrainians, Japanese and English, namely Artur Pakhladzhian, Sergo Abbgarian, Vasily Shkundich, vitaliy Bilours, Hlarion Regipor, Laguta Oleksiy, Cadavis Gerarado, Kretov Andry, Badurian Benjamin, Chepikov Olksan, Naranjo Antero, Patro Christian, Alcayde Joel and Caratiquit Beyan.

    The Economic and Financial Crimes Commission (EFCC) charged them after they were arrested by the Navy, which last March 27 intercepted their vessel, MT Anukpet Emerald.

    The vessel was laden with crude oil estimated at 1,738.087 metric tons.

    Defence counsel Babajide Koku (SAN) said the fourth, sixth and 11th defendants could not be found as they escaped from the hotel they were staying.

    He said he contacted the Russian Embassy, but was told it did not know the accused person’s whereabouts.

    “As we speak, I do not know the whereabouts of the three. And it’s highly embarrassing to say this, my Lord,” Koku said.

    The EFCC prosecutor, Rotimi Oyedepo, prayed the court to order their arrest and to revoke the bail granted the others.

    Koku said: “The application for their arrest is definitely meritorious to secure their attendance.”

    He, however, pleaded the sins of the three Russians should not be visited on the others by revoking their bail.

    Ruling, Justice Buba held that since the three who jumped bail were the leaders of the crew, not revoking the others’ bail would be risky.

    He, therefore, cancelled the bail granted the others and ordered that all the accused persons be remanded in prison custody.

    Justice Buba said Zenith Bank should show explain why it should not lose the N150million bail granted the three accused persons who have fled.

    The prosecution said they violated Section 4 of the Petroleum Act, Cap10 Laws of the Federation of Nigeria.

    EFCC said the offence also contravenes Section 19(6) of the Miscellaneous Offence Act of 2004 and punishable under section 1(17) of the same Act.

    The defendants had pleaded not guilty to the four counts when they were arraigned and were granted N50million bail each.

    The foreigners were also charged with dealing in 1,500 metric tons of Automated Gas Oil as well as 3,035 metric tons of Low Pour Fuel Oil without lawful authority.

    Justice Buba adjourned till March 15 for judgment.

  • GTBank, Zenith Bank too cheap to ignore, says Exotix

    Two Nigerian tier 1 banks- Guaranty Trust Bank (GTBank) Plc and Zenith Bank International Plc, have become too cheap to ignore by any value-minded investor, Exotix, an international finance firm has said.

    Exotix Partners LLP, a global finance and investment firm coordinates its global operations through five major offices in London, New York, Lagos, Dubai and Nairobi.

    In a review of the frontier equities, Exotix grouped the two Nigerian banks –GTBank and Zenith Bank, among six stocks in three countries which share prices are currently attractive buy opportunities for investors. GTBank is Nigeria’s most capitalised bank and the third most capitalised quoted company.

    The report was signed by Hasnain Malik, Head of Frontier Markets Strategy and South Asia Research, Exotix Partners LLP.

    According to the report, the six stocks that have become too cheap to ignore, although with catalysts on an indeterminate timeframe, include Egypt’s large-cap stocks-COMI, ETEL; Nigeria’s GTBank and Zenith Bank and United Arab Emirates’ EMAAR and ARMX.

    The report however placed other major Nigerian banks and building and consumer goods stocks in its list of unattractive stocks. The report categorised Nestle Nigeria, Unilever Nigeria, Access Bank, Diamond Bank, Dangote Cement and Lafarge Africa among stocks to avoid.

    The report outlined that GTBank and Zenith Bank stand the chance to weather Nigeria’s tough operating environment, especially in the aftermath of devaluation of Naira, because they are adequately capitalised noting that their relative cheap valuation is an added advantage to investors.

    Exotix noted that non-performing loans and capital adequacy were considerations for the low-ranking of tier two banks while increased competition, slowdown and project delays could hamper growths in the fast moving consumer goods and building materials sectors.

    “All of frontier is cheap relative to history but the risks are stacked high. Across the frontier and smaller emerging markets, equity valuations are cheap relative to history. But the risks are also stacked high,” the report pointed out.

    The review noted that large parts of the asset class in the frontier markets are trapped in more state-led development models with greater obstacles to currency convertibility, more ad hoc and punitive regulation and crowding out of the private sector.

    It outlined that the regions have been characterised by elevated geopolitical risk as local powers compete in the vacuum left by the end of US hegemony with domestic regimes grappling with succession or eroded social contracts.

    The report identified low oil and commodity prices, United States Dollar strength, US rate increases, anaemic developed market growth, China deceleration and funds’ outflow from perceived riskier assets as risks militating against frontier and emerging markets.

    In an earlier report, Exotix had noted that 2016 could be challenging for Nigerian banks citing further downside risks materialising with the continued fall in oil prices and foreign exchange uncertainties.

    The report titled “Nigerian Financials: Oil prices and FX constraints pressure metrics”, was signed off by Nashwa Saleh, a chartered financial analyst and director, head of financials credit research, Exotix Partners LLP.

    “We expect both banks’ asset quality metrics and foreign exchange liquidity to be negatively impacted,” Exotix stated.

    According to the report, the latest analysts’ report is an update on the credit, market, operational and system risks for the Nigerian banking system using a traffic light signals model calibrated to nine-month results for this year.

    The report noted that credit risk is a slow-bleed process and market risk is a fast-bleed process, with the former impacted  more by structural macro issues and stocks, and the latter more affected by flows and current exposures.

  • Zenith Bank declares N7.85b interim dividend

    Zenith Bank declares N7.85b interim dividend

    The board of Zenith Bank Plc has recommended distribution of about N7.85 billion as interim dividend to shareholders of the bank, setting a new path with its first-ever interim dividend.

    A dividend recommendation released yesterday at the Nigerian Stock Exchange (NSE) indicated that shareholders would receive an interim dividend of 25 kobo per share. The qualifying date for the dividend is August 21, 2015 while the register will close on August 24, 2015.

    The first-ever interim dividend highlighted considerable improvements in the earnings of the bank in the first half. Zenith Bank recently adopted a new financial reporting policy of publishing audited half-yearly results.

    Key extracts of the six-month audited report and accounts for the period ended June 30, 2015 showed that gross earnings rose by 24 per cent from N184.4 billion in June 2014 to N229.08 billion in 2015. Net interest income grew by 14 per cent from N98.6 billion in 2004 to N112.6 billion for the period ended June 30, 2015.

    Group profit before tax increased by 24 per cent from N58 billion to N72 billion while profit after tax rose to N53 billion as against N47 billion in 2014. Customers’ confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7trillion in 2014. Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent, which is below industry average non-performing loan (npl) ratio of 1.44 percent.

    The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

    The bank only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO 22301, 27001 and 20000 standards.

    The bank had stated that the three standards, which require the bank to subscribe to internationally accepted principles and standards, will deepen customer experience through greater information security and information technology management system that emphasize the protection of the customers and their investments in an increasingly unpredictable business environment.

  • Zenith Bank mulls half-year audited financial reporting

    Zenith Bank mulls half-year audited financial reporting

    Zenith Bank Plc is to adopt a new financial reporting policy, The Nation has learnt. The bank’s new policy thrust would require the financial institution to publish, for the first time, its audited financial results half-yearly. The first publication is expected in the coming days.

    Investigation at The Nigerian Stock Exchange (NSE), indicated that the bank would henceforth, publish audited half-year results, as against the current yearly industry practice.  It was learnt that the bank’s Board of Directors, which met last week, has already approved the audited half-year result which is expected to be forwarded to the Central Bank of Nigeria (CBN) for approval.

    Already, feelers from the Capital Market and analysts, have welcomed the development and praised the decision of the board.

    Over the years, Zenith Bank has consistently posted superior performance results.  Gross earnings was N403.4billion for last year’s financial year, profit before tax was N119.80billion while Profit After Tax stood at N99.46billion.

    The bank’s total assets was N3.76trillion, with total shareholders’ funds of N552.64billion which ranks the bank as the largest bank in Nigeria and the sixth largest in Africa by shareholders funds. The bank paid dividend of N1.65 per share for the financial year 2014.  The bank is noted for its strong asset quality with a non-performing loan ratio of 1.8 per cent, which is one of the lowest in the industry.

    The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

    The bank only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO 22301, 27001 and 20000 standards.

    The three standards, which require the bank to subscribe to internationally accepted principles/standards, according to the bank deepen customer experience through greater information security and IT management system that emphasise the protection of the customers and their investments in an increasingly unpredictable business environment.

    Zenith Bank Plc started this year on a good footing with considerable growths in overall earnings and profitability, according to the latest earnings report of the bank.

    Interim report and accounts of the bank for the first quarter ended March 31, 2015 indicated that while gross earnings grew by 14 per cent, pre and post tax profits rose by 15 per cent and 17 per cent respectively. Earnings per share thus improved to 88 kobo within the three months, in contrast with the 75 kobo recorded in the corresponding period of 2014.

    Gross earnings rose to N113.32 billion by March 2015 compared with N94.32 billion by March 2014. Interest income for the period rose to N81 billion compared with N71 billion posted in the similar period of 2014 translating to 14 per cent increase. Similarly, non-interest income appreciated by 39.5 per cent at N31.9 billion up from N22.9 billion in 2014.

    The bank’s Operating income rose to N72 billion as against N66 billion in the same period of 2014 translating to nine per cent growth, while operating expenses of N39 billion was recorded amounting to 4.8 per cent increase from N37.6 billion reported in the corresponding period of 2014.Profit before tax also rose from N28.92 billion to N33.13 billion, while profit after tax increased from N23.68 billion to N27.68 billion.

    The latest earnings report is broadly in line with the performance of the bank in the previous financial year. The board of Zenith Bank  earmarked N54.94 billion as cash dividends to shareholders for the immediate past business year ended December 31, 2014.

  • Investors dump Zenith Bank amid downturn

    Zenith Bank Plc’s share price has dropped for two consecutive weeks as investors pumped the shares of the second most capitalised banking stock and fifth most capitalised company on the Nigerian Stock Exchange (NSE) unto the soft market.

    Zenith Bank has recorded the largest turnover of shares over the past two weeks, with the attendant voluminous sell orders depressing the bank’s market value. In the immediate past week, Zenith Bank recorded the highest turnover and one of the highest percentage losses among its peers, unexpected performance for a stock billed to release its half-year earnings within the next few weeks.

    Zenith Bank lost N38.62 billion in market capitalisation within the four-day trading session last week, representing 6.49 per cent decline, more than a triple of the average overall market decline of 2.15 per cent. The benchmark index at the NSE, the All Share Index (ASI), indicated a week-on-week decline of 2.15 per cent in the immediate past week.

    Zenith Bank recorded the highest turnover of 511.20 million shares worth N9.39 billion in 1,034 deals, about 43 per cent of the total turnover during the week. Zenith Bank’s share price dropped from its opening value of N18.95 to close the week at N17.72 per share.

    Zenith Bank’s capital loss of N38.6 billion represented almost one-fifth of the total market loss of N208 billion recorded last week as Nigerian equities continued to struggle with macroeconomic headwinds and poor first half earnings.

    Two weeks ago, Zenith Bank accounted for almost 20 per cent of total turnover during the week. Investors traded 249 million shares of Zenith Bank valued at N4.73 billion in 1,385 deals. The bank’s share price dropped by 2.12 per cent, trailing the average overall market decline of 2.49 per cent.

    A market dealer, who preferred anonymity because of trading rules, said Zenith Bank was under selling pressure because investors saw its main competitor, the most capitalised banking stock on the NSE, as attractive after the competing stock also dropped marginally.

    “They tend to go together, if the other stock appreciates to a large extent, investors who tend to see that as somehow expensive will shift to Zenith Bank and trigger a rally on the stock. Where the other stock is dropping, the tendency is for Zenith Bank to also drop since investors appear to prefer the other stock if it is available at a relatively lower price,” the dealer said.

    The dealer said the depreciation appeared to be more sentimental and in line with the overall downtrend than any fundamental concerns. Zenith Bank is expected to release its half-year results in the next few weeks.

    In the earlier first quarter report, Zenith Bank Plc started the year on a good footing with considerable growths in overall earnings and profitability.

    Interim report and accounts of Zenith Bank for the first quarter ended March 31, 2015 indicated that while gross earnings grew by 14 per cent, pre and post tax profits rose by 15 per cent and 17 per cent respectively. Earnings per share thus improved to 88 kobo within the three months, in contrast with 75 kobo recorded in corresponding period of 2014.

    Gross earnings rose to N113.32 billion by March 2015 compared with N94.32 billion by March 2014. Interest income for the period rose to N81 billion compared with N71 billion posted in the similar period of 2014 translating to 14 per cent increase. Similarly, non-interest income appreciated by 39.5 per cent N31.9 billion up from N22.9 billion in 2014.

    Operating income rose to N72 billion as against N66 billion in the similar period of 2014 translating to 9 per cent growth while operating expenses of N39 billion was recorded amounting to 4.8 per cent increase from N37.6 billion reported in the corresponding period of 2014.Profit before tax also rose from N28.92 billion to N33.13 billion while profit after tax increased from N23.68 billion to N27.68 billion.

    Total assets rose to N3.94 trillion in first quarter 2015 compared with N3.19 trillion recorded in comparable period of 2014. Gross loans and advances rose to N1.9 trillion, implying 9.9 per cent appreciation when compared with N1.7 trillion posted in the similar period of 2014. Similarly, customers’ deposit and total assets increased by 5.7 per cent and 4.9 per cent to N2.6 trillion and N3.9 trillion respectively during the period.

     

  • Zenith Bank achieves three ISO certifications

    Zenith Bank achieves three ISO certifications

    Zenith Bank Plc was yesterday awarded three certifications from British Standards Institution (BSI) for Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011 and Business Continuity Management System, ISO 22301:2012.

    The certificates were presented to the bank’s Chairman, Jim Ovia and the Group Managing Director/CEO, Peter Amamgbo graced by the Deputy British High Commissioner, Mike Purves, top management of the bank and other employees.

    Ovia said the bank’s commitment to these internationally accepted standards, stemmed from its resolve to deepen customer experience through greater information security, an efficient IT management system and a robust business continuity plan, adding that these are targeted at protecting customers and investments in an increasingly unpredictable business environment.

    He said certifications remain strong proof of the lender’s commitment to implementing policies and practices that meet globally recognised principles.

    Amamgbo said the bank is proud to have achieved these milestones, adding that technology is at the core of its business strategy in meeting the needs of its customers.

    “For us, the customer is the reason we are in business, therefore it is essential that we deliver exceptional customer services. Certification to these standards will assist us in doing this,” he said.

    He stated that becoming certified to these three standards, provides evidence in the lender’s efforts to comply with local and international regulations relating to data protection, privacy and IT governance.

    “We hope, implementing ISO/IEC 27001 will give greater confidence to our customers and other stakeholders that the security of assets, such as financial information, intellectual property, employee details and information entrusted to us is protected securely.

    “ISO/IEC 20000-1 acknowledges our high level of efficiency in IT service provision and our ability to continuously improve the delivery of IT services,” he said.

  • Zenith Bank WBL:Customs roll over Zamfara Babes

    Zenith Bank WBL:Customs roll over Zamfara Babes

    •Benue Princess, GT 2000 win too

     

    Nigerian Customs Basketball Club rolled over debutants Zamfara Babes 65-15 in one of the games of the Zenith Bank Basketball League played yesterday at the sports hall of the Ilorin Stadium.

    The games, a one-sided affair, was dominated by Customs (the border girls), who could have won by a wider margin if they were more clinical in front of the basket. However, the coach Abdulrahman Mohammed tutored side still did enough to emerge victorious. The four quarter scores stood at 16-3, 19-7, 19-1 and 11-4.

    Despite his team’s dominance, Mohammed was furious with his team for failing to play to instruction, but he would take solace in the fact that his players are doing enough to qualify for the final eight in Lagos. While Zamfara will not make it to the final eight, they must recruit players to bolster their ranks next season if they hope to avoid the tag of the whipping team.

    The fans unexpectedly praised the Zamfara Babes each time they made the basket, but it was not enough to upset their more illustrious opponents. They were undone by too many failed attempts at the basket and must perfect their shooting skills if they hope to do well among the top teams in the league.

    In the other games played earlier yesterday, Benue Princess defeated Taraba Hurricanes 57-28, while GT 2000 beat Nasarawa Amazons 39-33.

    In today’s games, Coal City Queens take on Zamfara Babes, GT 2000 battles Delta Force, Oluyole Babes take on Nigeria Immigration, while Nasarawa Amazons lock horns with FCT Angels. Others are First Deepwater versus AHIP, Dolphin versus IGP Queens, First Bank versus Plateau Rocks, while Sunshine Angels versus Benue Princess.

    Meanwhile, some of the team officials have praised the sponsor Zenith Bank for their continuous support for the female game in the country. “I think we need to praise the sponsor for the money they put into the league every season and hopefully they will continue to give us the necessary backing,” one of the officials stated.

  • Zenith Bank wins global awards in customer service, corporate governance

    Zenith Bank Plc has won global recognitions for its quality services and strong corporate governance. Zenith Bank won two awards in the Global Banking & Finance Review awards for the year.

    Global Banking & Finance Review awards are given to institutions all over the world various categories covering Banking, foreign exchange, leadership, insurance, hedge funds, pension funds, and asset and wealth management among others. Zenith Bank emerged winner as Best Customer Service Bank and Best Corporate Governance Bank in Nigeria.

    The best customer service award is an attestation to Zenith Bank’s best-in-class customer-centric service delivery which made the bank the best in the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2013 and 2014.

    The KPMG survey, which confirmed Zenith Bank’s status as the most customer focused bank, focused 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.

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

    Similarly, a survey conducted by PricewaterhouseCoopers (PWC) to determine the most respected companies and chief executives in Nigeria in 2014,  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.