By Sandra Agyeiwaa OTOO
The Managing Director (MD) of Zenith Bank Ghana Limited, Henry Onwuzurigbo, has noted that his outfit recorded significant growth in its financial performance, with a 56 percent increase in customer deposits and a 62 percent rise in net loans and advances.
He made this statement at the just-ended Zenith Bank Ghana’s light-up ceremony and carols night – a tradition the bank has upheld since 2018 and one that has inspired many other institutions to also light up their premises and different cityscapes in Ghana.
It also serves as a celebration of the beginning of the Christmas season – the birth of Christ, symbolising hope, renewal and the enduring light that unites them as people. It further reflects the strong bond between the bank and the community they proudly serve as well.
“As a bank, our total customer deposits grew by 56 percent from GH¢10.2billion in September 2023 to GH¢15.9billion in September 2024. This underscores the effectiveness of the bank’s strategic deposit mobilisation and increased customer confidence in the bank’s business operations,” he revealed.
“Year-on-year, net loans and advances increased by 62 percent, up from GH¢2billion in September 2023 to GH¢3.3billion in September 2024, primarily due to new facilities given to customers as part of the bank’s strategic drive to expand into new small and medium enterprise (SME) and retail markets,” he added.
He mentioned that the event also serves as a reminder of the resilience that defines Zenith Bank Ghana.
According to Mr. Onwuzurigbo, the bank’s profit before tax (PBT) also grew by 20 percent from GH¢735million in September 2023 to GH¢882million in September 2024, indicating continuous improvement in the bank’s financial performance on a yearly basis. He said it is expected that the bank will continue on this trajectory to end 2024 with an incremental profit before tax over that of 2023.
To support the financial inclusion and development agenda of the country, the bank’s strategic partnerships with the African Guarantee Fund and Development Bank Ghana has resulted in the disbursement of over GH¢202m in loans.
The MD highlighted: “The lower interest rates charged on these loans have expanded customer businesses and supported women-owned and women-led businesses with reduced fees and security requirements. Businesses have unlocked additional capital to improve on their cash flow in these tough economic times”.
In demonstration of the bank’s commitment to expanding its reach and taking their services closer to communities, they opened three branches this year at Madina, Techiman and Ashaiman.
They also equipped institutions such as the Kwame Nkrumah University of Science and Technology (KNUST) and Ho Technical University with laptops and desktop computers, extended their partnership with the West African Senior Secondary School Examinations where for the next five years, the bank will be rewarding the Overall Best Student of the West African Senior Secondary School Examinations with a cash prize and computer to aid in their tertiary education.
They provided protective shoes to 1,000 underprivileged children in various locations where the bank operates to provide the beneficiaries with a brighter and safer future.
Zenith Bank’s innovative product and service offerings earned them a great number of local and international awards, including Bank of the Year Ghana at the 2024 Banker Awards by The Banker Magazine, Best Bank (Ghana) and Best SME Partner Bank at The European Awards, Best Mobile Banking App and Best Financial Inclusion Service Provider at the Digital Banker Africa Awards, and Technology-Driven Bank of the Year at the Ghana Information Technology and Telecom Awards.
“These achievements, which are stepping stones to an even brighter future for the bank, would not have been possible without the strategic direction and leadership of our board, the loyalty and support of our customers, the dedication and commitment of the formidable members of Team Zenith, those present and watching us online and the dependable support of our friends from the media and all stakeholders. We owe these achievements to you all,”Mr. Onwuzurigbo concluded.