Zenith Bank Appoints First Female GMD/CEO

Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive.  Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank. “She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” Zenith Bank said in a Tuesday statement. Before her latest appointment, Umeoji had been serving as the bank’s Deputy Managing Director since October 28, 2016. She has about 30 years of cognate banking experience with 26 of them spent working with Zenith Bank. “She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program,” the bank statement further read. “She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class Honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.”

Zenith Bank Records 114% Growth, 1.33trn In Q3 2023

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. According to the bank, the performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment. According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX),the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.  Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period. The growth in the topline arose from both interest income and non-interest income.  Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion. The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period.  Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates.  This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets. Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023.  The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023. The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.

CBN approves Zenith, First Bank, 11 others as Cheque Printers, Personalisers

The Central bank of Nigeria (CBN) has accredited 13 firms as Cheque Printers and Cheque Personalisers in Nigeria. According to a circular titled: Circular to Deposit Money Banks, Cheque Printers/Personalisers and other stakeholders on the accreditation of cheque printers and signed by Director, Banking Services Department of the CBN, Sam O. Okojere, out of the 13, 7 are Deposit Money Banks (DMBs) while the other 6 are printing companies.  Zenith Bank, First Bank, Ecobank, Wema Bank, Stanbic IBTC, Keystone Bank, and Providus Bank were approved as Cheque Personalisers as well as Superflux International Limited, Tripple Gee and Company Limited, Yaliam Press Limited, Marvelous Mike Press Limited, Kas Arts Services Limited, and Papi Printing Company Limited. “In furtherance of its mandate to ensure an efficient payment and settlement system, the Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee (MTIC) conducted the accreditation of Cheque Printers and Cheque Personalisers, in line with the NICPAS qualification criteria,” the Apex Bank said. The regulator further said all the accredited printers and personalisers have been duly notified and certificates issued.

Zenith Bank wins Best Commercial Bank for consecutive 3rd time

*Grabs Best Corporate Governance awards For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023.  The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year. The awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability. Commenting on the awards, Dr Onyeagwu said: “These awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.” The MD dedicated the awards to the Founder and Group Chairman, Jim Ovia, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank. World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum. Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.