BusinessZenith’s ‘Bank Of The Year Nigeria’ Award Signals Robust Year-End Performance

Zenith’s ‘Bank Of The Year Nigeria’ Award Signals Robust Year-End Performance

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The recent emergence of Zenth Bank Plc as ‘Bank of the Year in Nigeria’ in The Banker’s Bank of the year awards 2022, points to another robust performance by the financial institution which occupies the top position as Nigeria’s largest by market capitalization and customers’ deposit.

The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during an awards ceremony held in London, on December 1, 2022, was in recognition of Zenith Bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption.

According to the Banker, Nigeria’s Bank of the Year award was among the continent’s most hotly contested this year, befitting the country’s status as Africa’s largest economy. This came on the heels of the award as Number One Bank in Nigeria by Tier-1 Capital by The Banker won by Zenith Bank earlier in the year.

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Zenith Bank recorded a 20 percent growth in gross earnings from N518.7 billion in Q3 2021 to N620.6 billion in Q3 2022, its unaudited account for the period ended September 30, 2022, and filed with the Nigerian Exchange (NGX), has shown.

The growth was driven by positive interest-income related performance. Interest income grew by 27 per cent from N308.8 billion to NlN390.8 billion, driven majorly by growth in risk assets and an improvement in pricing. This also strengthened Earnings Per Share (EPS) by nine per cent to N5.55.

This double-digit growth in the topline also aided the bottom line, as the Group also recorded a 13 per 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 equally grew by nine per cent from N160.6 billion to N174.3 billion in the same period.

Total assets grew by 20 per cent from N9.45 trillion to N11.34 trillion in 2022, mainly driven by growth in customers’ deposits. Customer deposits grew by 24 per cent from N6.47 trillion in December 2021 to N8.04 trillion in September 2022 due to the market’s confidence in the brand.

Loans and advances also grew by 16 per cent from N3.5 trillion in December 2021 to N4.06 trillion in September 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. As a result of this growth, the capital adequacy ratio reduced from 21 per cent to 19.1 per cent, while the liquidity ratio reduced from 71.6 per cent to 68.9 per cent.

Commenting on the award, the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, was quoted in a statement yesterday to have said, “winning the Bank of the Year attests to our tenacity as an institution despite a very challenging operating environment exacerbated by persistent macroeconomic headwinds.

“Indeed, being recognised by The Banker – the world’s longest running international banking title, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria and the West African sub-region.”

Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year award is contested by the world’s leading financial institutions, with winners chosen across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Zenith Bank’s track record of excellent performance has continued to earn it numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; 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.

The bank also clinched 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. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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