Zenith Bank Plc, Nigeria’s leading financial institution, has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top 500 Banking Brands 2020.
This is coming just few days after announcing an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the firstNigerian Bank to cross the N200 billion mark.
According to the bank’s audited financial results for the 2019 financial year released in Lagos on Friday, profit after tax rose by 8% to N208.8 billion from the N193 billion recorded in the previous year.
The Group also recorded a growth in gross earnings of 5% rising to N662.3 billion from N630.3 billion reported in the previous year. This growth was driven by the 29% increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019. Fees on electronic products continues to grow significantly with a 108% Year on Year (YoY) growth from N20.4 billion in 2018 to N42.5 billion in the current year. This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.
Profit before tax also increased by 5% growing from N232 billion to N243 billion in the current year, arising from topline growth and continued focus on cost optimisation strategies. Cost-to-income ratio moderated from 49.3% to 48.8%.
For the third consecutive year, Zenith Bank has been ranked as the number one banking brand in Nigeria with a brand value of $287 million and market capitalisation of $1.62 billion, ranking 392 in the 2020 global ranking of banks.
The ranking was published in the February 2020 edition of The Banker magazine of the Financial Times Group in conjunction with London-based Brand Finance.
According to the publication, brand value is the licensing rate that a third-party would need to pay to use the bank’s brand. All brand values in the report are for the year ending December 31, 2019.
Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
In an apparent show of its resilience and market leadership, Zenith Bank recently announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.
Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto& Co. The bank was also recognised as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards. Most recently, the bank emerged as the Bank of the Decade (People’s Choice) at the Thisday Awards 2020.