Latest news with #ZenithBank
Zawya
6 days ago
- Business
- Zawya
Nigeria secures $747mln Deutsche Bank-led syndicated loan for coastal highway
ABUJA - Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance construction of the first phase of its planned 700-km (435-mile) coastal highway project, the finance ministry said on Thursday. Finance ministry spokesperson Mohammad Manga said the loan is the first of its size for road infrastructure in Nigeria. Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank . The initial section of the highway financed by the loan spans 47.47 km, Manga said. The entire project is expected to cost around $11 billion and be completed in about eight years. The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar. ($1 = 1,523.4800 naira)
Zawya
01-07-2025
- Business
- Zawya
Nigerian banks rake in profits for second straight year
Five among Nigeria's top 10 banks reported combined record pre- tax profits of N4.6trn, a 70% in- crease from the previous year, with Zenith Bank and Guaranty Trust Bank's holding companies crossing the trillion-naira mark for the first time. The main driver for the profits was a surge in the banks' interest income, largely on the back of the Central Bank of Nigeria's rate hikes all through 2024. As inflation surged to three-decade summits following the devaluation of the local cur- rency and the slashing of fuel subsidies, the central bank responded with several rate hikes that brought the benchmark interest rate to a record 27.5%. Zenith Bank's pre-tax profit of 1.32trn naira ($825m), a 66% jump from the pre- vious year, was due mainly to its doubling of interest income to 2.7trn naira in 2024 as it took advantage of higher lending rates. During the year, the value of its assets increased to 29.9trn naira from 20.4trn naira in the preceding year. The bank said it also benefitted from the re- vamp of its banking software that unified its services across different countries. Guaranty Trust Bank also gave credit to the efficient use of its assets for its great- ly improved performance that returned a pre-tax profit of 1.27trn naira ($794m), a more than twofold increase from the year before. The value of its assets increased to 14.8trn naira from 9.7trn naira. Similar, though slightly smaller, profit trends were recorded by other top banks such as United Bank for Africa (UBA), FirstBank and Stanbic IBTC Bank. UBA recorded the fastest growth in asset value, which surged to 30trn naira in 2024 from 20.06trn naira a year before. Altogether, these five banks account for about 60% of Nigeria's banking industry. Another giant of the sector, Access Bank Group, the largest bank in Nigeria by assets, was yet to publish its annual results at the time of filing this report, but was generally expected to replicate the trend. In a 9 April notice to the Nigerian Exchange, the bank said the results would now be released on or before 20 April. Having performed so strongly, the banks are recommending sizeable divi- dend payouts to their shareholders. Among those to have declared dividends, Guaranty Trust Bank has so far offered the highest at 7.03 naira, bringing its to- tal dividend payment for the year to 8.03 naira per share, more than double the payment of 3.20 naira per share in 2023. UBA plans a total dividend payment of 5 naira per share including a final divi- dend payment of 3 naira. Stanbic IBTC has tabled a dividend payment of 3 naira for every share, up 36% from the 2023 financial year. Unlike in 2023, when profits were boosted by foreign exchange windfalls due to the massive devaluation of the naira, the latest results were derived mainly from routine banking operations amid prevailing high interest rates. Even then, the jumbo profits have raised eyebrows at a time when store shelves are half-empty and consumer spending has been slashed by inflation and pressured income. While several sectors of the economy (particularly manufacturing and agricul- ture) have suffered from the harsh eco- nomic reforms, naira devaluation and improved tax revenues have left the fed- eral, state and local governments awash with cash. 'They don't keep their money, it is the banks that keep the money for them,' Mudashiru Yusuf of the Lagos-based Cen- tre for Promotion of Private Enterprises told reporters recently. 'Banks benefit from such transactions.' Other critics have blamed the govern- ment for implementing reforms that mint easy money for the banks while aban- doning manufacturing, agriculture and industry to a difficult fate. 'Simply buying government Treasury bills with custom- ers' deposits was enough for the banks to return profit with yields reaching 25%,' said Chike Osigwe, an Abuja-based market analyst. 'In addition, they had the op- portunity to charge equally high lending rates while paying much less for customer deposits.' The banks insist that the current high- interest regime is not the only explanation for their profitability. The big banks have benefitted from the diversification of their business, especially by establishing for- eign branches across Africa and beyond. 'Our highly diversified global network allows UBA to deliver high-quality, con- sistent earnings,' said Oliver Alawuba, the group's chief executive officer in a recent investor call. 'Our ex-Nigeria rest of Af- rica and international operations have expanded significantly over the past five years, now contributing 51.7% of group revenue, up from 31% in 2019.' There are moves afoot to upgrade the bank's level of business authorisation in France, while also seeking footholds in other strategic markets abroad. Other Nigerian lenders that joined the race across African borders two decades ago are also finding the move a useful bulwark against vulnerabilities at home. The FirstBank Group currently operates in West and Central Africa, including Ghana, Guinea, Sierra Leone, Gambia and Sen- egal. Access Bank has maintained a strong presence across West, East and South- ern Africa as well as in the UK. Guaranty Trust Bank is more concentrated in West Africa but also has subsidiaries in East Africa and the UK. Emerging from a significantly profit- able earnings season, there is widespread industry optimism that most, if not all, of the banks, will meet the central bank's new minimum capital requirements for different categories of lenders by the March 2026 deadline. With the old capital base severely erod- ed by naira depreciation and inflation, the monetary authorities mandated the banks to adhere to new minimum capital re- quirements. The top-tier banks with both domestic and international operations are now required to have a minimum capi- tal of 500bn naira. Those with national operations only will need 200bn naira while those limited to regional operations as well as merchant banks, will require a minimum capital of 50bn naira. Non-interest lenders need a minimum capital of 20bn naira if operating nationally, and 10bn naira if doing so regionally. The top banks have been quick off their marks in raising new capital. Ac- cess Bank's holding company and Zenith Bank have already raised enough funds to meet the 500bn requirement. FirstBank had an oversubscribed rights issue that brought in 187.6bn naira and now plans a 350bn naira private placement to meet the new requirements. Among the mid-sized lenders such as First City Monument Bank and Fidel- ity Bank, there is a slightly longer road to travel to meet the capital conditions. Both already went through initial capital- raising efforts, and with current inves- tor appetite, analysts, including those at rating agency Fitch, expect subsequent efforts to be successful. Other banks that fall within the same category, such as Ecobank Nigeria and non-interest Jaiz Bank, have already met the capital re- quirements. Fitch, the rating agency, sees almost all the top-tier and second-tier banks raising enough capital without resorting to con- solidation. Among the third-tier banks, such consolidation, taking the form of mergers or acquisitions, is more likely, the agency said in a recent commentary on the Nigerian banking industry. 'Nigerian banks are making signifi- cant progress in raising core capital to meet new paid-in capital requirements and are generally on track to meet the deadline,' Fitch said. 'It also reduces the likelihood of significant banking sector consolidation.' The profitability of Nigerian banks in recent years appears to be stirring the attention of international inves- tors. Last October, Jamie Dimon, the CEO of JPMorgan Chase, the world's biggest bank, visited Nigeria and met with Central Bank of Nigeria Governor Olayemi Cardoso and his team as part of an African tour that also took him to Kenya and South Africa. Dimon made it clear it was an exploratory visit, a precursor for the bank's planned African expansion. The latest report is that JPMorgan Chase has applied for a Nigerian mer- chant banking licence. The representative office which has operated in Lagos since the 1980s, providing wealth management advisory services, will now offer full in- vestment banking services, if approved. 'That move by JPMorgan is a signifi- cant vote of confidence on the Nigerian banking industry,' said market analyst Osigwe. n The banks insist that the high-interest regime is not the only reason for their profitability. The big banks have benefitted from diversification, especially by establishing foreign branches across Africa and beyond. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Yahoo
09-06-2025
- Business
- Yahoo
Nigeria Prepaid Card and Digital Wallet Market Intelligence Report 2025-2029: Growing Shift to Digital Payments, Increasing E-Commerce Activity, and Rising Corporate Adoption
The prepaid card and digital wallet market in Nigeria is projected to grow 17% annually, reaching $15.2 billion by 2025. Key drivers include increased digital payment adoption, e-commerce growth, and improved digital infrastructure. This fuels robust growth in prepaid cards, crucial for Nigeria's cashless economy revolution. Nigerian Prepaid Card and Digital Wallet Market Dublin, June 09, 2025 (GLOBE NEWSWIRE) -- The "Nigeria Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to prepaid card and digital wallet market in Nigeria is expected to grow by 17.0% on annual basis to reach US$ 15.20 billion in 2025. The prepaid card and digital wallet market in the country has experienced robust growth during 2020-2024, achieving a CAGR of 20.6%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 13.9% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 12.99 billion to approximately US$ 25.62 billion. Nigeria's prepaid card market is on a strong growth path, fueled by the shift to digital payments, increasing e-commerce activity, and rising corporate adoption. These trends will continue, leading to broader prepaid card usage across consumer and business segments. Over the next few years, financial institutions and fintech companies will focus on enhancing prepaid card offerings to meet evolving consumer and corporate needs. As digital infrastructure and regulatory frameworks improve, the prepaid card market will play a crucial role in Nigeria's cashless economy. The Nigerian prepaid card market features a mix of traditional financial institutions and emerging fintech companies. Major banks like Zenith Bank, GTBank, Access Bank, First Bank of Nigeria, and Ecobank offer various prepaid card solutions to their customers. Continued Expansion of the Prepaid Card Market The primary factors driving this expansion include the rising adoption of digital payments and the rapid growth of e-commerce. As consumers move away from cash-based transactions, prepaid cards have become a widely accepted alternative, offering security and convenience for in-person and online payments. The increase in online shopping has also amplified the need for reliable, accessible, and flexible payment methods, further boosting prepaid card usage. Over the next 2-4 years, prepaid card adoption is expected to accelerate as Nigeria's financial infrastructure continues to improve. Enhanced consumer confidence in electronic payments, alongside innovations from financial institutions and fintech companies, will further drive market penetration. This trend will likely result in an increasingly digital economy, with prepaid cards becoming essential for personal and business transactions. Increasing Integration of Prepaid Cards with Digital Wallets Integrating prepaid cards with digital wallets is becoming more prevalent in Nigeria, providing users seamless access to digital financial services. By linking prepaid cards with mobile applications, consumers can efficiently manage funds, make transactions, and track spending without relying on physical cards. This development is making financial services more accessible, particularly for unbanked and underbanked populations who are increasingly adopting digital payment solutions. Key factors driving this trend include advancements in mobile payment technology and the growing demand for convenient financial management. The continuous improvement of digital banking infrastructure has made linking prepaid cards with digital wallets easier, allowing users to conduct transactions effortlessly. Additionally, Nigerian consumers are increasingly gravitating toward platforms that enable them to manage various financial services through a single interface, reducing the need for multiple payment methods. Over the next 2-4 years, the adoption of prepaid cards integrated with digital wallets will accelerate as financial institutions and fintech companies introduce more user-friendly solutions. Enhanced security features, expanded merchant acceptance, and greater interoperability between prepaid cards and digital wallets will encourage adoption. As a result, this trend will contribute to the broader digitalization of Nigeria's financial sector, promoting financial inclusion and increasing the efficiency of cashless transactions. Growing Corporate Use of Prepaid Cards for Expense Management Nigerian businesses increasingly incorporate prepaid cards into their financial operations to streamline corporate expense management. These cards are used for employee benefits, travel allowances, and corporate gifting, replacing traditional cash-based disbursement methods. This shift is part of a broader effort to enhance financial oversight and operational efficiency in managing business expenses. The key drivers behind this trend include the need for improved operational efficiency and enhanced expense control. Prepaid cards reduce the administrative workload associated with cash handling and manual reimbursements, allowing businesses to allocate resources more effectively. Additionally, real-time transaction monitoring and customizable spending limits enable companies to maintain greater financial transparency and improve cost management. Over the next 2-4 years, corporate adoption of prepaid cards is expected to grow as businesses seek more structured and secure financial solutions. Developing industry-specific prepaid card solutions tailored to corporate needs will further drive adoption. As financial service providers introduce innovative offerings, prepaid cards will become essential for businesses looking to improve financial accountability and streamline expense management processes. Current Market Dynamics Nigeria's prepaid card market is experiencing significant growth, driven by a shift towards digital payments and financial inclusion initiatives. The market encompasses various products, including gift cards, payroll cards, and travel cards, catering to retail consumers and corporate clients. Despite the country's cash-dominant economy, there is a noticeable increase in the adoption of prepaid cards as a convenient and secure payment method. The Central Bank of Nigeria (CBN) has promoted cashless transactions, positively impacting the prepaid card segment. Initiatives such as the Payments System Vision 2025 aim to enhance the country's payment infrastructure, encouraging electronic payment methods, including prepaid cards. Recent Launches and Partnerships The Nigerian prepaid card sector has witnessed strategic collaborations to enhance service offerings and expand market reach. For instance, in October 2024, Nigerian fintech company Moniepoint secured $110 million in funding from investors, including Google, to expand its digital payment and banking solutions across Africa. This investment underscores the growing interest in Nigeria's fintech landscape and the potential for prepaid card integration within broader financial services. Anticipated Market Evolution (Next 2-4 Years) The competitive intensity in Nigeria's prepaid card market is anticipated to increase as traditional banks and fintech companies expand their offerings. Technological advancements and evolving consumer preferences for seamless digital payment solutions are expected to drive innovation among market participants. Furthermore, regulatory frameworks will continue to play a crucial role in shaping the market dynamics. Compliance with evolving guidelines will be essential for market players to maintain their positions and capitalize on growth opportunities in the prepaid card sector. Regulatory Changes In May 2024, the Central Bank of Nigeria released revised guidelines for Bureau De Change (BDC) operations, impacting the prepaid card market. The guidelines mandate that payments for digital or transfer purchases of foreign currency by a BDC be made by transfer to the customer's Naira account. If the customer is a non-resident, a BDC may issue a prepaid Naira card with relevant maximum credit and cumulative limits in line with Know Your Customer (KYC) requirements. These regulatory adjustments aim to enhance transparency and compliance within the foreign exchange market, indirectly influencing the prepaid card sector by promoting prepaid Naira cards among non-residents and ensuring adherence to KYC protocols. Prepaid Card Market Analysis Metrics Assessed: The study examines the prepaid card market through various lenses, including transaction value, transaction volume, average transaction value, load value, and the total number of cards in circulation. Card Types: A distinction is made between open-loop and closed-loop prepaid cards, providing insights into their respective market shares and growth trajectories. Usage Categories: The report segments the prepaid card market into various categories such as general-purpose cards, business and administrative expense cards, travel forex cards, and meal cards. Business Segmentation: Further segmentation is provided based on business size and type, including small-scale businesses, mid-tier businesses, enterprise-level businesses, government entities, and retail consumers. Sector-Specific Applications: The analysis extends to specific sectors utilizing prepaid cards, including transit and toll payments, healthcare and wellness services, social security and other government benefit programs, fuel purchases, utilities, and more. Digital Wallet Market Insights Key Segments: The digital wallet market is dissected across five primary spending categories: retail shopping, travel, entertainment and gaming, dining establishments, and recharge and bill payments. Performance Metrics: For each segment, the report evaluates transaction value, transaction volume, and average transaction value, offering a granular view of consumer spending behaviors. Retail Spend Breakdown: An in-depth analysis is provided for retail spending via digital wallets, covering categories such as food and grocery, health and beauty products, apparel and footwear, books, music and video, consumer electronics, pharmacy and wellness, gas stations, restaurants and bars, toys, kids and baby products, services, and other miscellaneous categories. Virtual Prepaid Card Market Segmentation Categories Analyzed: The virtual prepaid card market is segmented into key categories, including general-purpose cards, gift cards, entertainment and gaming cards, teen and campus cards, business and administrative expense cards, payroll cards, meal cards, travel forex cards, transit and toll cards, social security and other government benefit program cards, fuel cards, utilities, and other miscellaneous categories. Performance Evaluation: For each category, the report assesses transaction value, providing insights into the adoption and usage patterns of virtual prepaid cards across different consumer segments. Consumer Usage Trends Age Groups: Identifying usage patterns across different age demographics. Income Levels: Analyzing how income brackets influence prepaid card adoption and usage. Gender: Examining differences in usage trends between genders. Key Attributes: Report Attribute Details No. of Pages 159 Forecast Period 2025 - 2029 Estimated Market Value (USD) in 2025 $15.2 Billion Forecasted Market Value (USD) by 2029 $25.62 Billion Compound Annual Growth Rate 13.9% Regions Covered Nigeria For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Prepaid Card and Digital Wallet Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
08-05-2025
- Business
- Zawya
Nigeria: Bulls persist at NGX as investors gain $250mln
The local bourse sustained its winning streak, bringing the benchmark index up 0.45 per cent to settle at 108,849.83 basis points. Basically, at the Nigerian Exchange on Wednesday, gains in Guaranty Trust Holding Company, Zenith Bank, and Honeywell Flour Mills kept the market in the green, having appreciated in values by 3.85 per cent, 2.08 percent, and 9.81 per cent, respectively. Consequently, the year-to-date (YTD) return of the All Share Index (ASI) rose to 5.76 per cent. Market capitalization followed suit, also rising by 0.59 percent to N68.51 trillion, translating to a gain of approximately N403 billion in investors' breadth remained positive, as 48 stocks advanced while 17 declined. On the performance board, top gainers included Meyer, UPDC Real Estate Investment Trust, Beta Glass, The Initiates, and Vitafoam after their respective share prices appreciated by 10.00 percent, 10.00 percent, 9.98 percent, 9.95 percent, and 9.94 per cent. Conversely, the top decliners were Deep Capital Management and Trust, Veritas Kapital Assurance, Linkage Assurance, African Prudential, and UACN Property Development Company. They recorded depreciation in share values by 10.00 percent, 9.09 percent, 6.61 percent, 5.60 percent, and 4.46 per cent. Sectoral performance was mixed. The Banking, Consumer Goods, and Industrial Goods indices recorded gains of 2.12 percent, 2.11 percent, and 0.15 percent, respectively. In contrast, the Insurance, Oil & Gas, and Commodities sectors declined by 0.15 per cent, 0.18 per cent, and 0.25 per cent. Analysis of today's market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 32.25 per cent.A total of 587.47 million shares valued at N18.66 billion were exchanged in 17,496 deals. Guaranty Trust Holding Company led both the volume and value charts with 98.64 million units traded in deals worth N6.57 billion. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
30-04-2025
- Business
- Zawya
Nigeria: Zenith Bank assures shareholders of quantum leap in future dividends
Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion. The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank's stellar performance over the years. He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank's resilience as a brand. The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward. According to her, 'This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today'. She further said that 'Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come'. Talking specifically about dividend, she emphasized that 'If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.' Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank's financial indices. He said, 'We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank's indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder's funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have. They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.' Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said 'The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank. We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.' Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank's dividend payout. In his words, 'Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible. I am very happy to be a shareholder of this bank. Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, 'The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.' The bank's robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86 per cent in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024. This was driven by a 138 per cent increase in interest income, supported by investment in high-yield government securities, and growth in the Bank's loan book. Customer deposits grew by 45 per cent, reflecting the bank's market leadership and customers' trust. Total assets rose by 47 per cent, underpinned by a strong liquidity position and effective balance sheet management. Zenith Bank's track record of excellent performance has continued to earn the brand numerous awards including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World's Best Banks Awards Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
