Zenith Bank Plc, one of the leading Nigerian financial institutions recently announced its unaudited results for nines months as at September 30, 2013. Going by details of the result, the group’s balance sheet remains strong with total assets growing and in excess of N2.85 trillion as at September 30, 2013. Liquidity and capital adequacy remained at very comfortable levels of 63 per cent and 28 per cent respectively giving the bank enough latitude to explore new business horizons while being able to withstand any systemic shocks. Godwin Emefiele, managing director and chief executive officer of the bank, explained that the bank’s loan books continued to grow as it took advantage of emerging business opportunities, whilst ensuring that cost of risk and NPL remained below industry averages.
Emefiele said of the result: “Our results for nine months ended September 30, 2013 remained strong as we sustained our drive for another impressive performance this year. Driven essentially by of our people, technology and excellent customer services the group recorded an 11.41 per cent and 10.39 per cent Year-on-Year, YoY, improvements in Gross Earnings and PBT to N255 billion and N83 billion respectively.”
According to him, the bank sustained improvements in its Net Interest margin, NIM, YoY as well as quarter-on-quarter, QoQ, as it responded effectively through reallocation of resources and optimal pricing of assets and liabilities to counter the effects of the new cash reserve ration, CRR, regime and increased savings deposit cost on its operations. “The cost of funding our operations improved both YoY as well as QoQ. Our cost-to income ratio remained stable despite increased AMCON charge and new COT tariff as we continue to push for other non-interest income through deployment of e- banking products and services,” said Emefiele.
Zenith Bank Plc offers its clients a wide range of corporate, investment, business and personal banking products and solutions. It is one of the biggest and most profitable banks in Nigeria. The bank was established in May 1990 and started operations in July same year as a commercial bank. It became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange on October 21, 2004 following a highly successful Initial Public Offering, IPO. Zenith Bank listed on the London Stock Exchange via a non-capital raising GDR on March 21, 2013. The Bank presently has a shareholder base of over one million, an indication of the strength of the Zenith brand.
It is headquartered in Lagos, Nigeria. With over five hundred (500) branches and business offices nationwide Zenith Bank has presence in all the state capitals, the Federal Capital Territory, FCT, and major towns and metropolitan centres in Nigeria. The Bank’s expansion is not limited to Nigeria as Zenith became the first Nigerian bank in 25 years to be licensed by the Financial Services Authority, FSA, in the UK for the commencement of banking operations by Zenith Bank, UK, Limited in April, 2007. This is in addition to its presence in Ghana, Zenith Bank (Ghana) Limited, Sierra Leone, Zenith Bank (Sierra Leone) Limited, Gambia, Zenith Bank (Gambia) Limited and a representative office in Johannesburg, South Africa and Beijing, China.