Zenith Bank among world’s top 300 banks

Zenith Bank has been named for the seventh consecutive year among the top 1,000 banks in the world by The Banker magazine, bolstering the bank’s reputation as one of Africa’s biggest financial services success stories.

The Banker is the world’s leading resource for banking and finance intelligence and information. Its Top 1,000 World Banks Ranking has been tracking the industry’s health and wealth since 1970 and become the leading benchmark for assessing banks over the period.

Zenith, which is listed in Nigeria and the UK with subsidiaries in Ghana, The Gambia and Sierra Leone as well as representative offices in China and South Africa, made it into the prestigious ranking again with Tier 1 capital of US$3.1billion in 2013.

The bank was ranked 6th in Africa, a step up from 7th in the 2012 rankings when its Tier 1 capital stood at US$2.4billion. Worldwide, it came 293rd after improving from 322nd in 2012. Zenith Bank is the highest and only West African bank in the world’s top 300 ranking.

Other banks in the sub-region ranked as follows: Ecobank Transnational 396th, Guaranty Trust Bank 415th, First Bank of Nigeria 424th, Access Bank 532nd, United Bank of Africa 539th, Fidelity Bank Nigeria 622nd, Skye Bank 747th and First City Monument Bank 769th.

The bank has previously received acclaim from reputable institutions such as World Finance, CFI and FTSE Global Markets, which respectively named Zenith the Best in Corporate Governance, Best Commercial Bank in Africa, and Emerging Global Super Brand two years ago.

Zenith Bank is known for a strong record of innovation, outstanding service delivery, cutting-edge ICT development, strong financials and good corporate governance.

Commenting on the latest achievement of the Zenith Bank Group, Daniel Asiedu, Managing Director/Chief Executive Officer of Zenith Bank Ghana, said it reinforces the enduring strong reputation of the Zenith brand, which has been built over 24 years.

“This feat, which is happening for the seventh straight time, rubs off positively on us in Zenith Bank Ghana, as we have contributed through our own giant strides in the Ghanaian banking industry to this outstanding recognition,” he said.

“We reflect the Zenith brand qualities in all the key aspects of our business – be it product innovation, service delivery, corporate governance, and our impact on the economy, which has been deepening every year.”

Both Zenith Bank Ghana and the Group have been consolidating their robust financials over the years with consistently high revenue and profit growth.

In 2013, Zenith Bank Ghana recorded the second most remarkable growth in assets in the Ghanaian banking industry, doubling its assets from GH¢949 million to GH¢1.92 billion. The increase made the bank the sixth-largest by assets in the industry from a previous position of eleventh.

The bank also posted its best ever profit results last year with a 168 percent jump in profit before tax from GH¢40.3 million to GH¢107.7 million. Its total operating income went up by 93 percent to GH¢203.8 million.
Zenith is credited with many firsts in the Ghanaian banking industry. It introduced Z-Web Acquiring (Verified by Visa), a highly-secure Visa electronic card that allows merchants to accept card payments from customers purchasing goods online.

It also launched the Global Travel Wallet Card, which is issued to travellers who want to load cash on a card to spend abroad. The card can be used worldwide at Visa-enabled Points-of-Sale (PoS) terminals, ATMs and in online transactions.

Mr. Asiedu said Zenith Bank will ramp up product innovations to maintain its lead in the industry.