Zenith Bank’s endless awards: A testament to consistent, robust support for economy

COMFORT EKELEME, Business Editor

Over the years, Zenith Bank’s track record of remarkable performance has continued to distinguish the lender in many unique ways, attracting both local and international awards.

With the mission of building the Zenith brand into a reputable international financial institution recognized for innovation, superior performance, and creation of premium value for all, the bank has schemes tailored to suit different business segments in Nigeria’s economy.

Focused on becoming the leading Nigerian technology-driven and global financial institution that provides a distinctive range of financial services, Zenith Bank Plc has supported the growth of small businesses massively, thereby boosting productivity and reducing the rate of unemployment in the country.

Its positive impacts  in the sector and the economy at large are among the reasons why the bank continus to win several awards both local and at the international level. It is, however, believed that winning awards does not only drive loyalty in a company setting but works towards positioning the organization differently.

Also, winning laurels, they say is a great honour. Today, Zenith Bank is one of the most honoured and leading Deposit Money Banks (DMBs)  in Nigeria, winning stakeholders accolades both within and outside the country.

Managing Director/Chief Executive Officer, Maxifund Investment and Securities Plc, Mazi Okechukwu Unegbu told Daily Champion that Zenith Bank generally has been an outstanding financial institution, and there is no doubt that Zenith Bank has been doing well.

Unegbu who is also a former President of, Chattered Institute of Bankers of Nigeria (CIBN) stated that the bank has been doing very well in terms of service to clients, and support to Small and Medium Scale (SMEs) since it was founded by Mr. Jim Ovia in 1990.

According to him, SME is the flagship of Zenith Bank, adding that the bank has in no small measure supported the growth of the sector.

“Zenith Bank is known to have supported small businesses very well and very strongly. I believe the award they should be asking for; going forward is the award of the people who they serve. They have been doing well; there is no problem with them at all,” he said.

Also speaking, A financial analyst, Mr. Moses Igbrude maintained that Zenith Bank, among its peers, is one bank with outstanding performance and strong fundamentals and with a culture of rewarding shareholders.

He said, “Zenith Bank has been consistent with this culture, no wonder the Bank has bagged and continues to receive numerous awards across the globe.

“I embolden the board and management not to rest on their oars because many minority shareholders and pensioners depend on them to survive,” he said.

Just recently, Zenith Bank was ranked as the number one bank in Nigeria by tier-1 capital in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

In the award which was for the 13th consecutive year, the bank retained its position as the number one tier-1 bank in Nigeria with a tier-1 capital of $2.75 billion, emerging as the 460th bank globally.

The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of banks globally.

Tier 1 capital describes capital adequacy which is the core measure of a bank’s financial strength from a regulator’s point of view.

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.

Prior to that, Zenith Bank had also emerged as the Best Commercial Bank, Nigeria, at the World Finance Banking Awards 2022, as it retained the laurel for the second consecutive year. The bank was also named the Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022.

Presented to the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Mr. Ebenener Onyeagwu at the London Stock Exchange (LSE), the award was in recognition of the bank’s ability to embrace digital transformation and best-in-class sustainability and corporate governance practices, leading to stellar business performance in a difficult economic climate.

Onyeagwu while commenting on the 2022 Top 1000 World Banks’ Ranking said: “This ranking is a testament to our resilience and doggedness as an institution despite economic headwinds and a persistent challenging macroeconomic environment.

“Indeed, being ranked as the number one bank in Nigeria by tier-1 capital for the 13th year in a row underscores our commitment to sustaining the superior performance we are renowned for and creating value for our highly esteemed customers,” he said.

Zenith Bank was also recognized as the Best Bank in Nigeria for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards; and Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020.

Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

The bank places a premium on its core business strategy anchored on people, technology, and service, to create value for its numerous clientele.

With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels.

Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres 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, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; Gambia, Zenith Bank (Gambia) Limited. The bank also has a representative office in The People’s Republic of China. The Bank plans to take the Zenith brand to other African countries as well as the European and Asian markets.

Zenith Bank Plc 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. Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

Zenith Bank Plc was founded by Jim Ovia in May 1990 and has since grown astronomically to become one of the leading financial institutions in Africa.

Interestingly Zenith Bank Plc recently, announced its unaudited results for the third quarter that ended 30 September 2022, recording a remarkable double-digit growth of 20per cent in gross earnings from N518.7 billion reported in Q3 2021 to N620.6 billion in Q3 2022.

This performance again demonstrates the Group’s resilience against a challenging macroeconomic environment.

 According to the unaudited account presented to the Nigerian Exchange (NGX), the growth in the topline was driven by interest and non-interest income growth.

 Interest income grew by 27per cent from N308.8 billion to N390.8 billion, driven majorly by growth in risk assets and an improvement in pricing.

This also strengthened Earnings Per Share (EPS) by 9per cent to N5.55.This double-digit growth in the topline also aided the bottom line, as the Group also recorded a 13per cent Year-on-Year (YoY) increase in Profit Before Tax, growing from N179.8 billion in Q3 2021 to N202.5 billion in Q3 2022.

Profit After Tax (PAT) equally grew by 9 per cent from N160.6 billion to N174.3 billion in the same period. Growth in non-interest income was enabled by the Group’s retail strategy, with continued substantial customer acquisition driving transactions, deposit growth, and growth in electronic banking income.