Zenith Bank records a 4% rise in its gross earning in the third quarter of 2020

NIGERIA – Zenith Bank Plc has announced that its gross earnings rose by 4% to N509 billion (US$1.31bn) for the third quarter ended 30 September 2020 from N491 billion (US$1.27bn) posted in the same period in the previous year. This performance demonstrates the Group’s resilience against the backdrop of a challenging macro-economic environment brought about by the Coronavirus (COVID-19) pandemic. According to the unaudited account which was presented to the Nigerian Stock Exchange (NSE), this growth was driven by non-interest income which grew by 11% to N173 billion (US$0.45bn) from…

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Zenith Bank half year profits rise by 16% despite of COVID-19

NIGERIA– Zenith Bank Plc, one of the leading commercial banks in Nigeria has recorded a profit rise of 16% despite of the bank operating in difficult economic environment occasioned by the Covid-19 pandemic. Unaudited results for the half year ended June 30, 2020 revealed that the bank’s profit after tax stood at N103.83bn (about US$272.52 million). This is a 16.82% rise when compared to the N88.88bn (US$233.28 million) recorded during the same period in 2019. The bank’s gross earnings rose by 4.37 per cent from N331.59bn (US$ 870.31 million) in…

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South Africa’s Standard Bank maintains position as Africa’s Top Tier 1 Bank

South Africa’s Standard Bank maintains position as Africa’s Top Tier 1 Bank

AFRICA– South African based commercial bank, Standard Banked has once again maintained its position as Africa’s Top Tier 1 Bank, latest ranking by The Banker Magazine have shown. According to The Banker, Standard Bank has consistently been in the number one spot for the past 20 years, despite its Tier 1 not showing the spectacular rises that we see for many banks, especially Asian banks, during the period under review. The report also revealed a continued dominance by the South African banking sector in the continent. According to The Banker…

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IFC invests US$100m in Nigeria’s largest bank Zenith Bank

NIGERIA – IFC, a member of the World Bank Group, has announced an investment of up to US$100 million in Zenith Bank, Nigeria’s largest bank by total equity and second-largest by asset size.  The investment will help the Bank increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.  Zenith has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients within its global footprint. IFC’s overall portfolio in Nigeria stands at US$1.3 billion, in sectors including…

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Zenith Bank grows annual profit after tax 7.6% to US$480m

NIGERIA – Zenith Bank Plc has posted a profit after tax of N178 billion (US$480m) for its 2019 financial year. The figure represents about 7.6 percent increase compared to the N165 billion (US$450m) recorded in 2018. Chairman of Zenith Bank, Jim Ovia, told shareholders at its 29th Annual General Meeting, in Abuja, that the bank’s performance was exceptional, adding that it was an indication that the bank was a clear leader in the industry. The bank’s   gross earnings grew by 5 percent from N538 billion (US$100m) in 2018 to N565…

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Zenith Bank’s Q3 gross earnings rise to US$1.4bn buoyed by cost optimization strategies

NIGERIA – Nigerian multinational financial services provider, Zenith Bank Plc has revealed that its gross earnings increased by four per cent from US$1.31 billion (N474.6bn) in the third quarter of 2018 to US$1.36 billion (N491.26bn) in third quarter of 2019. A statement from the group said its profit before tax grew by five per cent from US$462.79 million (N167.3bn) in third quarter of 2018 to US$ 487.36 million (N176.18bn) in Q3 of 2019. Profit after tax for the financial services provider rose by five per cent from US$ 398.81 million…

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Zennith Bank Ghana appoints Anthony Ogunranti as MD/CEO

GHANA – Zenith Bank Ghana, a leading financial services provider in the country has appointed Anthony Akindele Ogunranti as its new Managing Director and Chief Executive Officer. Ogunranti takes over from Henry Oroh who has been elevated to the position of Executive Director in Zenith Bank PLC, the parent company of Zenith Bank Ghana based in Nigeria. Until his appointment, Mr. Ogunranti, was a Senior Executive Member of Zenith Bank Plc. A statement from Zenith Bank said that Ogunranti comes to the Ghanian Bank as CEOhe  with over two decades…

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Zenith Celebrates 14 years of innovation and service excellence in Ghana

GHANA – Zenith Bank, Ghana’s third largest bank in terms of asset base value, is in September this year celebrating its 14th anniversary of successful operations in the country. The financial services provider made an entry into the Ghanaian banking landscape in September 2005. From the Bank’s first branch cum head office at the Premier Towers in Accra launched 14 years ago, Zenith Bank has grown into 38 business locations (branches and agencies) spread across the length and breadth of the country. The Bank has also since moved to an…

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