<p>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.</p>



<p>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.</p>



<p>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.</p>



<figure class="wp-block-image size-large"><img src="https://openlife.ng/wp-content/uploads/2020/03/Jim-Ovia-7.jpg" alt="" class="wp-image-2511"/><figcaption><strong>Jim Ovia, Chairman, Zenith Bank Plc</strong></figcaption></figure>



<p>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.</p>



<p>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%. ; </p>



<p>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.</p>



<p>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.</p>



<figure class="wp-block-image size-large"><img src="https://openlife.ng/wp-content/uploads/2020/03/Ebenezer.jpg" alt="" class="wp-image-2512"/><figcaption><strong>Ebenezer Onyeagwu, CEO, Zenith Bank Plc</strong></figcaption></figure>



<p>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.</p>



<p>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. ;</p>



<p>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.</p>



<p>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.</p>

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