For the second consecutive year, Zenith Bank Plc, Nigeria’s biggest bank by customer deposit, has been named as the Best Corporate Governance under ‘Financial Services’ sector in Africa 2021 by the Ethical Boardroom, a trailblazing bi-monthly digital magazine.
The award, which was published in the June 2021 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.
“This recognition is a testament to our commitment to quality, accountability, fairness and transparency in our engagement with all stakeholders. It is also an affirmation of the bank’s professionalism, ethical conduct and sustenance of global best practices and standards which is attributable to the joint collaboration of the management and staff,” said Ebenezer Onyeagwu, Group Managing Director/Chief Executive of Zenith Bank Plc.
This award comes on the heels of several awards and recognitions that have come the way of the bank in recent times for its track record of excellent performance and commitment to global best practices. Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking by The Banker Magazine. Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.
Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Stock Exchange (NSE), hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.
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.
In its first quarter 2021 financial result, Zenith Bank’s Profit After Tax (PAT) rose by 5 percent to N53.1 billion, from N50.5 billion recorded in March 2020. This was despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.
The profitability was driven by the optimisation of the cost of funds and improvement in non-interest income. The Bank’s cost of funds reduced significantly from 2.6 percent in March 2020 to 1.1 percent in March 2021.
