The secret of Zenith Bank’s sustained leadership in sector

Zenith Bank
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Many have wondered why Zenith Bank plc has continued to lead other banks on the growth parth, which has often led to global and regional recognition.

One of the secrets is seen in the bank’s continuous efforts towards placing a high premium on developing a robust risk management framework  which has helped in promoting the soundness of the bank, protecting its assets  and ensuring its growth.

“We are committed to entrenching a robust enterprise risk management, global best practices in corporate governance and sustainability in the coming years”, said, Peter Amangbo, group managing director / CEO of Zenith Bank.

Since its inception, Zenith brand has been synonymous with innovation and the deployment of cutting-edge technology to cater to the expectations of its customers.

“Our array of products, services and alternative channels that ensure convenience, speed and security of transactions, and our readiness to deploy state-of-the-art technology has assured that we maintain our leadership in the digital space”, Amangbo said.

In his review of the 2018 financial year result, the group managing director said, “ We shall continue to intensify efforts towards making further in-roads into the retail segment of the market with new and innovative products that supports small and medium sized enterprises.

“As a customer-centric organization, our people are the most valuable assets that is vital to our long term sustainable success, competitive advantage, and brand differentiation strategy. The skills, experience and commitment of our employees are critical for stakeholder’s engagement and delivery of exceptional services to our customers. Consequently our focus in the years ahead is to continually create an environment for our people to thrive, while creating value for all stakeholders”.

In its 2018 financial results, the bank grew its total deposits by 2.9 percent to N2.82 trillion for the year ended December 2018 compared to N2.74 trillion recorded over the previous year.

Profit Before Tax (PBT) of the bank rose by 13.6 percent from N169 billion in 2017 to N192 billion in 2018, while Profit After Tax (PAT) also rose by 7.8 percent from N153 billion in 2017 to N165 billion in 2018.

During the same period, total assets of the bank grew by 2.7 percent from N4.83 trillion to N4.96 trillion, while shareholders’ funds declined by 3.3 percent from N698 billion to N675 billion. The gross earning of the bank declined by 20.2 percent from N674 billion in 2017 to N538 billion in the financial year ended December 2018.

“In the year under review, we harnessed the enormous potential of our human capital, digital solutions, excellent service culture, and cost control strategies to grow our business and enhance efficiency, which culminated in a stellar performance”.

“our drive towards entrenching sustainable principles in our business operations gained further momentum in the year under review. Our corporate social responsibility initiatives and investments are hinged on the firm belief that our performance is not all about profit. We believe that our social investments, contributions to inclusive economic growth and development, as well as improvements in the condition of the physical environment all constitute our balanced scorecard in line with the sustainable development goals.

 

Hope Moses-Ashike

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