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Tag: Zenith

  • ‘Zenith is ‘Bank of the Year’,  says The Banker’s Magazine

    ‘Zenith is ‘Bank of the Year’,  says The Banker’s Magazine

    Zenith Bank Plc has been named “Bank of the Year, Nigeria” in The Banker’s Bank of the Year Awards 2024.

    The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards in London yesterday, is in recognition of the bank’s strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.

    The Banker’s ‘Bank of the Year’ accolade is among the most coveted and widely regarded award in the banking industry. Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

    Commenting on the award, the bank’s Group Managing Director/Chief Executive Bank Plc, Dame Adaora Umeoji, said: “We are delighted and honored to have been recognized as the Bank of the Year, Nigeria in The Banker’s Bank of the Year Awards 2024.

    “This award is a testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the Board and Management as well as the hard work and dedication of our staff.

    It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.

    “We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank.”

    She lauded the Founder and Chairman of the bank, Jim Ovia, for his visionary role in laying the foundation for a reputable, dominant and globally recognised financial institution known for innovation, superior performance, and the creation of premium value for all stakeholders.

    Last week, Zenith Bank commissioned its Paris branch following the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This is part of the bank’s global expansion strategy and its commitment to serving clients wherever their businesses are around the world.

    The bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions. These include being recognised as the number one bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

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    The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

    Further recognitions include: Best Bank in Nigeria for four years from 2020 to 2024 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the ethical boardroom.

    The bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 as well as Bank of the Year, 2023 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

    The bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, Best in MSME Trade Finance, 2023 by Nairametrics and Most Responsible Organisation in Africa 2021 by SERAS Awards.

  • Ogbomro Grammar School win Zenith Bank/Delta Principals’ Cup:

    Ogbomro Grammar School win Zenith Bank/Delta Principals’ Cup:

    A new winner has emerged in the annual Zenith Bank/Delta Principals’ Cup with Ogbomro Grammar School, Ogbomro, Uvwie, becoming the sixth winner of the tournament.

    The seventh edition of the  tournament’s final was played yesterday at the Stephen Keshi Stadium, Asaba, Delta State.

    A goal in each half secured a 2-0 win for Ogbomro to put paid to the dreams of Umutu Secondary School’s coach, Emeka Odigili, who wanted to win the title for two different schools after leading Umuja Mixed Sec. Sch. Umuaja, Ukwaini, to the 2023 title.

    The first edition of the revamped Zenith Bank/Delta Principals’ Cup was won by Mastercare International School, Asaba, followed by Marvel International School, Ughelli in 2018.

    Obule International School, Sapele was the winner in 2019 before College of Commerce, Warri, secured the 2020 and 2021 edition of the developmental secondary school tournament.

    Speaking at the final, the GMD/CEO of Zenith Bank PLC, Dame (Dr.) Adaora Umeoji OON, ably represented by Deputy General Manager, Lucky Ighade, appreciated the Delta State Governor, Hon. Sheriff Oborevwori, for his unwavering support in the state especially in the area of sport.

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    According to the GMD, the dream of the chairman and founder of Zenith Bank, Jim Ovia, was to inspire African youths to start locally but think globally.

     “In this context, Zenith Bank’s contributions to grassroots sports development in primary and secondary schools are both timely and commendable,” the CEO said.

     “Legendary footballer Pele once said, ‘success is not an accident, but hard work, perseverance, and passion for what you do.”

    Early in the day, Utagbe-Gbe Grammar School, Kwale defeated Okene M/S/S, Okuokoko 3-0 in the Third Place match.

    The winning team went home with a sum of N2m with a brand new coaster bus with the second and third place team going home with N1.5m and N1m respectively.

  • Zenith Bank-supported RSA Squash Open holds in Lagos  

    Zenith Bank-supported RSA Squash Open holds in Lagos  

    Sports Bridge International (SBI) and Ikoyi Club 1938, in partnership with Zenith Bank Plc are delighted to host the second edition of the RSA Squash Open 2024. 

    The highly anticipated squash tournament will run from 25th  to 27th  July at the prestigious Ikoyi Club 1938. 

    Nine outstanding clubs will showcase the finest talents and sportsmanship across the Men’s, Ladies, and Veterans’ categories.

    This year’s participating clubs include Ikoyi Club 1938, Old Trafford, Lagos Country Club, Ivory Health Club, Lagos Lawn, Apapa Club, Unilag Staff Club, Yellow Dot, and Eko Club. Participants range in age from 30 to 77. This inter-club invitational promises an exciting display of skill, dedication, and competitive spirit.

    Rerhe Idonije, Chief Executive Officer of Sports Bridge International (SBI), expressed the organisation’s mission to foster social inclusion through sports management within the community. 

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    “We are also dedicated to nurturing individuals who are not only physically capable but also possess the mental resilience to perform at their best. By instilling values such as self-discipline, self-motivation, and self-confidence, we take pride in developing community members who will excel in their respective fields,” Idonije stated.

    The RSA Squash Open 2024 has received substantial support from Zenith Bank PLC, Nigerian Breweries, and Ikoyi Club 1938. 

    The event also proudly carries the endorsement of the Nigerian Squash Federation and the Lagos State Squash Association.

    The RSA Squash Open 2024 promises to be a landmark event celebrating athletic prowess and community spirit. 

    Attendees can expect thrilling matches, top-tier competition, and a vibrant atmosphere that reflects the tournament’s dedication to excellence in sports.

  • Zenith retains top spot with $2.01b Tier-1 capital

    Zenith retains top spot with $2.01b Tier-1 capital

    Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings.

    The ranking, published by The Banker Magazine showed that Zenith Bank has retained the position for 15 consecutive years. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion.

    The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability.

    They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

    Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

    The Group Managing Director/CEO of Zenith Bank Plc, Dame Adaora Umeoji, said: “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.”

    She extended appreciation to the Founder and Chairman, Dr. Jim Ovia, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

    Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125 per cent in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment.

    The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

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    Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

    Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

    Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

    The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

    Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

  • Pupils  take centre stage at Zenith Inter-School Swimming

    Pupils  take centre stage at Zenith Inter-School Swimming

    The Primary School event of the 7th  edition of the Zenith Inter-School Swimming Competition holds tomorrow at the Ikoyi Club 1938.

    Chairman of the club’s swimming section, Ikedichi Kanu, said 15 schools will compete for honours in the youth event.

     “We are all set for it and registration has been in process in the past weeks. The kids will have fun and we will be glad to see how they will display their skills in the competition,” Kanu said.

    The Group Managing Director of Zenith Bank, Ebenezer Onyeagwu, has advised all participants to take advantage of the event.

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    “A journey of one thousand miles starts with just a step. We expect these kids to launch their career with this competition and get better in the years ahead.

    “We are always passionate to stage youth sports events so that we can make impact in the career of young ones.”

    Grange School emerged champions in the Primary and Secondary school events of the competition last year.

  • Zenith’s remarkable listing A well deserved honour

    Zenith’s remarkable listing A well deserved honour

    One subject-matter that I usually run away from is writing in praise of Nigerian banks whenever they are said to have won awards. As a matter of fact, I doubt if I ever wrote on such topic all my decades in journalism. And I have my reasons.  One, most of those awards, especially the local variants, were purchased. They were like any item that one could pick up at the popular Owode-Onirin market. That is a place where fake items are produced more fancifully than the original. As a matter of fact, the producers of the original item would be green with envy when they see the Owode-Onirin version of their product; that is when they would know how little they are in terms of creativity and aesthetics.

    Trust Nigerians, particularly the bank executives of some few years back: they were ready to buy any award on which they were equally ready to splash hefty sums of their customers’ funds to buy media space to celebrate the mostly phony awards. I don’t want to name the names of some of the banks that their chief executives were fond of this self-aggrandisement. But, where are they today? They have all become history. So were those beautiful and handsome faces that usually dominated the media space back then. Apparently, some things did not add up.

    The question now is: how come such banks that dominated the various award categories in the banking sector some years back are no longer in existence? The answer is simple: most of the awards were bought off the shelves. They went to the highest bidder.

    It was for this same reason that I felt reluctant to comment on such matters until the recent listing of Zenith Bank in the World Finance 100 2023, released by World Finance Magazine. Although a few other Nigerian companies had made the list in the past, no major Nigerian bank had ever featured in the listing except an investment bank, Investment One, that featured once in 2014. It is instructive though that this is the second time that Zenith Bank would feature on the list; the first time being 2019. This is something that doesn’t come cheap. That is why indeed, it is the bank and one of just three African companies that got listed on this esteemed list for 2023, alongside industry giants like Apple, Amazon, and Alphabet.

    Zenith Bank’s inclusion in this elite list this time around, as in 2019 when it got its first listing in the World Finance 100, underscores the bank’s outstanding achievements and resilience in a dynamic and competitive global market.

    It is a feat. Hence, the bank’s group managing director/chief executive officer, Dr. Ebenezer Onyeagwu, said of the listing: “It is with great pride that we acknowledge this feat as the exclusive Nigerian company in the World Finance 100 2023. This accolade is a testament to our unwavering dedication to our valued stakeholders, our innovative spirit, and sustained growth, all achieved amidst the complexities of a challenging economic climate. This honour further attests to our status as a leading financial institution that continues to set the industry standard in financial performance, good corporate governance and financial stability.”

    The World Finance listing was not the first such international award or recognition for the bank this year. It was probably the icing on the cake. The bank was rated Number One Bank in Nigeria by Tier-1 Capital 2023 (The Banker); Best Commercial Bank, Nigeria 2023 (World Finance); Best Corporate Governance, Nigeria 2023 (World Finance) and Best Corporate Governance ‘Financial Services’ Africa 2023 (Ethical Boardroom). Others were Most Sustainable Bank, Nigeria 2023 (International Banker) and Best Bank for Digital Solutions, Nigeria 2023 (Euromoney). 

    In a country where good news has perennially become a rare commodity, one should celebrate achievements such as this. Otherwise, I would have wrapped up my column this year with the bad and the ugly in the country. Come to think of it; if I am not writing on this Zenith recognition what else would I have been writing on, the killing of about 150 innocent citizens in Plateau State by spineless terrorists? These were people who had like millions of other Nigerians looked forward hopefully to a merry Christmas and a happy New Year, gruesomely murdered by some killers sans borders, and for no reason whatsoever. I had said it at some other levels that, given the modus operandi of these characters, they would do something spectacular not just to spoil the fun of the season for the generality of Nigerians, but also to present the government as incapable of securing the nation. Just that where I had expected they would strike was not where they struck. Anyway, let me leave that matter till another day so I don’t also spoil the fun of Zenith Bank on this auspicious occasion.  

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    Another reason one should not gloss over the Zenith listing is because several other sectors in the country are lacking such recognitions. Take our universities for example. In the 2023 ranking, the University of Ibadan (UI), University of Lagos (UNILAG) and Covenant University made the top 1,000 list. The UI and UNILAG were placed at 401 to 500 place, while Covenant University was between 601 and 800th place.

    Considering the country’s status, and also the fact that some of our universities even up till the late 80s had some foreign students that came to the country in search of the proverbial golden fleece. That the story is different today is bad enough. But it is worse still that none of our universities is in the list of the first 100. Well, sometimes we celebrate the positions they occupy because we also know the problems.

    Our health institutions are not fairing better either. What with dilapidated  infrastructure and ill-motivated personnel, many of whom have since travelled abroad in search of greener pastures.

    Or is it in sports. We are lagging behind also, no thanks to mismanagement and other vices. So, if one of our banks has made it to the point of being listed globally, we should be able to celebrate such a bank because it is a feat. It is not something that is served a la carte. It is earned.

    I congratulate Zenith Bank on this listing. It is one of the good ways to end the year. One can only hope that the bank would continue to work to retain such honour as well as make banking more pleasurable experience for its customers.

  • Zenith Bank Tennis finals hold at Lagos Country Club

    Zenith Bank Tennis finals hold at Lagos Country Club

    After 13 days of top class action, the curtains will today fall on the 2023 Zenith Bank/ Lagos Country Club Tennis  Championship with four titles up for grabs.

    Men’s A defending champion, Destiny Da-Silva look set to keep hold of his crown as he paired Peter Arikan to spearhead a come-from-behind 5-7, 6-2, 7-5 doubles semifinals win over Ehi Ujiagbe and Segun Aluko on Thursday.

    “It’s a very important win because our opponents gave us a good fight particularly in the first set as they never gave us any breathing space.

    “I look forward to defend my singles title and I know I have to be in good shape,” he said after the match where he recorded lots of aces owing to his booming serves.

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    Da Silva was scheduled to confront Bimbo Okubena in Friday’s semifinal with the winner facing Ehi Ujiagbe or his sibling Idemudia who face off in the other semifinals.

    Abdul Ayoleti and Jonathan Ujoh will meet in the final of the Men’s B while Nimota Omope is the favourite as she squares up against Eniola Dele-Oshiga in the women’s singles final.

    Tennis Section Chairman, Babatunde Fashanu (SAN) commended the participants for their sportsmanship display.

    He commended Zenith Bank for their continuous support of the championship stressing that the bond of friendship has been further solidified through the tournament.

  • Zenith Women’s Basketball League:

    Zenith Women’s Basketball League:

    Sunshine Angels shock First Bank, throw Atlantic Conference open

    It was a shock result in the second matchday of the ongoing Zenith Bank Women’s Basketball League Second Phase at the Indoor Sports Hall of the Stephen Keshi Stadium, Asaba, Delta State, after Sunshine Angels defeated First Bank 51-44 points to throw the Atlantic Conference open.

    The first quarter started as normal with First Bank leading 14-10 while the second quarter ended 10-10 with the leader maintaining their four points lead.

    Sunshine however took the initiative from the third quarter winning it 15-8 points before sealing the win with 13-12 points in the final quarter to secure their first win of the phase.

    On the opening day, Sunshine lost 58-45 points to MFM of Lagos while First Bank defeated IGP Queens 70-49 points.

    Meanwhile, finalists of the last Zenith Bank Women’s Basketball League, MFM of Lagos, on yesterday won their second match, beating Dolphins 52-45 points to increase their chances of getting one of the two tickets from the conference.

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    They will be facing First Bank who suffered their first loss of the Conference on Wednesday in the final game of Day 3 today.

    On the other hand, Dolphins are no longer in reckoning for the finals in Lagos later in the month after losing their first two games of the ongoing conference.

    The 2015 winners of the league won just one game out of five in the First Phase and now lost two of the Second Phase with three games to play in the current phase.

    On the opening day, Dolphins lost 56-38 points to Bayelsa Whales and can no longer meet up with the two teams at the top, First Bank and Bayelsa Whales.

    Two winners already emerged from the Savannah Conference; Nigerian Customs and Air Warriors with the other two coming from the Atlantic Conference.

  • Zenith Bank Women’s Basketball: Air Warriors in bright  start

    Zenith Bank Women’s Basketball: Air Warriors in bright  start

    It was a good start for the defending champions of the Zenith Bank Women’s Basketball League, Air Warriors, as they defeated their Force counterpart, Nigeria Army, 61-39 points, in the first game of the Second Phase of the Savannah Conference at the Lafia City Hall, Shendam Road, Lafia, Nasarawa State.

    The game which started a little bit behind schedule due to some technical hitches lived up to expectations as the few fans that witnessed the game had something to cheer about.

    Air Warriors from the dunk-off made their intention known with Nkem Oyoko and Onome Polycarp dictating the game from the front for the Air people.

    Speaking with our correspondent, the Nigeria Basketball Federation Zonal Representative, North Central, Adamu Deshi, expressed appreciation to the sponsors, Zenith Bank Plc, as according to him, it is difficult to bring out women athletes especially from the North to be part of sports.

    “Basketball has come to stay and hosting this Savannah Conference in a place like Lafia will open the faces of parents that women can take sports as a profession,” he said. “You can see other youths especially the girl child coming out to watch and they can take the gospel back home that they can achieve something through sports instead of involving in other social vices.”

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    Meanwhile, the Permanent Secretary, Nasarawa State Ministry of Youth and Sports Development, Isaac Danladi, who welcomed all the teams on behalf of the State Sports Commissioner, Jafaru Ango, urged all the teams to be at their best while also charging the state team, Nasarawa Amazons, to try their best to come out on top.

    According to Danladi, the state government already put everything in place for a successful hosting of the Second Phase of the Savannah Conference of the league.

    The football administrator while dunking off the Phase assured all the teams and visitors top hospitality from the state as he asked them to enjoy the atmosphere.

    The competition continues today with Plateau Rocks taking on Nigeria Army by 12noon with the second game of the day taking place between Kada Angels and Nasarawa Amazons.

    The last game of the second day will be a tough battle between Air Warriors and Nigerian Customs.

  • Zenith Bank grosses N967.3b in first half

    Zenith Bank grosses N967.3b in first half

    Zenith Bank Plc grew its top-line by 139 per cent to N967.3 billion in the half-year ended June 30, 2023. It had recorded N404.8 billion in the first half of 2022.

    In a statement, the bank said the performance  is a clear demonstration of its resilience and strong market share despite a very challenging macroeconomic environment and persistent headwinds.

    According to the bank’s audited half-year financial results presented yesterday to the Nigerian Exchange (NGX) ,  the triple-digit growth in the top line also srred the bottom line.

    The group recorded a 169 per cent increase in profit before tax, from N130 billion in first half 2022 to N350.4 billion in first half 2023.  Profit after tax also grew by triple digits, growing by 162 per cent from N111.4 billion to N291.7 billion in the same period. 

    The growth in gross earnings arose from both interest income and non-interest income.  Interest income grew by 72 per cent from N241.7 billion in first half of 2022 to N415.4 billion in first half of 2023, while non-interest income grew by 246 per cent  from N149 billion to N515.7 billion.

    The bank attributed growth in interest income  to the impact of both the growth and repricing of risk assets.  The liberalization of the foreign exchange market during the period spurred the growth in non-interest income as revaluations gains improved significantly.

    In terms of efficiency, cost-to-income ratio improved from 58 per cent to 38.5 per cent in the current period on the back of an enhanced income line.

    The liberalisation of the foreign exchange market coupled with the heightened risk environment resulted in cost of risk growing from 1.4 per cent to 8.8 per cent.

    Cost of funding also grew from 1.4 per cent  to 2.6 per cent based on spike in interest rates between both periods as interest expense grew from N57 billion to N153.6 billion. 

    Total assets grew by 31 per cent from N12.3 trillion to N16.0 trillion in December 2022, mainly driven by growth in customers’ deposits and the devaluation of the local currency.

    Customers’ deposits grew by 30 per cent from N9.0 trillion in December 2022 to N11.6 trillion in June 2023.

    Loans and advances also grew by 32 per cent from N4.12 trillion in December 2022 to N5.38 trillion in June 2023 partly due to the revaluation of the foreign currency denominated loans as well as growth in local currency loans.

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    “Non-performing loans ratio improved from 4.3 per cent to 3.9 per cent in December 2022 despite the deterioration of the macros and heightened risk environment because of the currency mix of risk assets. Capital adequacy ratio improved from 19.8 per cent to 22.0 per cent, while liquidity ratio reduced from 75 per cent to 61 per cent in the current period.  Both prudential ratios are still well above regulatory thresholds,” the bank said.

    The reorganisation into a holding company structure has advanced, as the Group adds new verticals to its businesses and expand into new frontiers.  As the year progresses, the Group will continue to remain dynamic in anticipating and responding to the changes in the fiscal and monetary environments in order to sustain growth across all its business segments and markets.

    Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards.

    Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards.

    Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

    Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.