Zenith Bank wins yet another award…Best Banking Group

October 11, 2017
Source: thebftonline.com/Ghana
Zenith Bank wins yet another award…Best Banking Group

Zenith Bank Ghana has been named Best Banking Group in Ghana 2017 by the World Finance Magazine, one of the topmost and most-recognised awarding bodies in the world.

The magazine, since its inception almost a decade ago, has celebrated achievement, innovation and brilliance through its annual awards.  Its astute judging panel boasts over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure award winners are the most deserving in their sector. The awards provide a comprehensive analysis of the very best in each market, also taking into account reader insight and experience to provide a holistic outlook for the judging panel.

Zenith Bank has in the 12 years of its operations in Ghana demonstrated leadership through its unique range of banking solutions, excellent customer service, and track-record of innovation in the Ghanaian banking industry.  It therefore comes as no surprise that the bank has won the prestigious award of Best Banking Group in Ghana, for the third consecutive time.

Commenting on the achievement, Managing Director/Chief Executive Officer of the bank, Mr. Henry Oroh, said that the bank’s reputation for excellence having been recognised by the World Finance Magazine is gratifying. “This award lends credence to the fact that we are on the right path and doing the right things.”

He expressed the bank’s appreciation to its customers saying: “We dedicate this award to our loyal customers and reassure you that we will continue to be responsive and innovative, as well as improve our product and service offerings to meet your ever-changing needs. We also commit to steering the bank to its desired position of being the market leader in the financial industry within the next five years”.

Additionally, this year the bank has been a recipient of multiple awards. The bank was adjudged Best Trade Finance Bank Ghana 2017 by the Global Finance Magazine; Best Corporate Bank Ghana 2017; Best Customer Service Bank Ghana 2017; Best e-Commerce Bank Ghana 2017 by Global Banking and Finance Review Magazine - awards the bank has retained for three years running. It was also adjudged Fastest Growing Bank Ghana 2016 and Best Corporate Bank Ghana 2016 by the International Finance Magazine. The bank was further awarded the Most Outstanding in Banking and Finance Ghana 2017 by the Middle East and Africa Markets Magazine (MEA), as well as Bank that Best Promotes Cashless Transactions 2016 at the 16th Ghana Banking Awards, yet another title the bank has retained three straight times. 

Financial performance

The bank for the half-year ended June 30, 2017 posted an outstanding financial picture of continuous and healthy growth. Earning assets grew by a whopping 54 percent from GH¢1.9billion in June 2016 to GH¢2.9billion in June 2017, while total assets grew by an impressive 44 percent from GH¢2.7billion in June 2016 to GH¢3.8billion in June 2017.  Customer deposits meanwhile increased from GH¢2billion to GH¢2.9billion, registering a growth rate of 39 percent year on year.

The bank’s resilience to its financial environment was again demonstrated by increasing its capital adequacy ratio by 10 percent to 23.16 percent. This gives the bank a buffer of 13.16 percent, which is more than 100 percent above the minimum ratio required by the central bank. In the wake of the Bank of Ghana’s recent announcements on the new capital requirements, Zenith Bank - with shareholders’ funds of over GH¢639million - is one of the very few banks whose retained earnings are far in excess of the new minimum capital requirement.

Future

Zenith Bank continues charting a path to being the market leader in the next five years. Its key focus areas will be exceptional customer service delivery, best in class financial performance, and stronger brand positioning.