Zenith Bank Wins Bank of The Year in Nigeria as List of Best-Performing Banks Emerge
- Zenith Bank has won Bank of the Year in Nigeria by the Bankers magazine, London
- A statement by the organisers said the bank was recognised for solid management, sound business style, and strategy, among others
- Also, the list of best-performing banks in Nigeria by various metrics emerged, with the banks posting impressive results
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Zenith Bank has been named the Best Bank of the Year in Nigeria in the latest Banker’s Bank of the Year Award for 2022.
The statement said the award was given in recognition of the bank’s strong management, sound business style, strategy, support for small businesses and efforts to cut energy consumption.
Source: Getty Images
Top financial institutions from Africa contested
The organisers said Nigeria’s Bank of the Year Award was among Africa’s most hotly contested this year, befitting Nigeria as the continent’s largest economy.
The bank also won Number One Bank in Nigeria by Tier-1 Capital in the year.
Zenith Bank is regarded as the industry standard for exceptional banking.
The Banker of the Year award is contested by top financial institutions, with winners chosen across Africa, Asia-Pacific, Central and Eastern Europe and Northern America.
The Punch reports that Zenith Bank also won the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in the Bank of the Year Awards 2020.
Best-performing banks in Nigeria by different metrics
Meanwhile, the list of best-performing banks in Nigeria shows that the financial institutions performed exceptionally well for the first half of the year.
A report says about 13 banks in Nigeria grew their total assets by 8.1 per cent from N58.83 trillion recorded as of December 2021 to N63.59 trillion as of the end of 2022, indicating a net new loan of N4,76 trillion in the first half of 2022.
The leading banks are Access, Zenith and First Bank, which recorded the highest asset value for the period under review.
The growth rate position changed.
Leading banks by asset base
- Stanbic IBTC: +14.8 per cent
- Wema Bank: +13 per cent
- Access Bank: +12.5 per cent
- Fidelity Bank: +12.3 per cent
- Jaiz Bank: +12.1 per cent
Banks by customer deposits growth
- Wema Bank: +30.2 per cent
- Fidelity Bank: +13.1 per cent
- Unity Bank: +12.8 per cent
- Access Bank: +12.7 per cent
- Zenith Bank: +10.5 per cent
Leading Banks by loan book growth
- Unity Bank: +23 per cent
- Wema Bank: +19.9 per cent
- First Bank: +17.3 per cent
- Stanbic IBTC Bank: +15.4 per cent
- Fidelity Bank: +15.3 per cent
Top banks by profit after tax (PAT) growth
- FCMB: +80.8 per cent
- Wema Bank: +48.7 per cent
- First Bank: +48.6 per cent
- Sterling Bank: +40.8 per cent
- Stanbic IBTC: +36 per cent
Leading banks by the cost-to-income ratio
- Stanbic IBTC: -10.4 per cent
- FCMB: -10.2 per cent
- First Bank: -8.6 per cent
- Zenith Bank: -2.6 per cent
- Sterling Bank: -2.3 per cent
Africa’s 10 biggest banks by asset base, Nigerian banks missing
Recall that Legit.ng reported that despite their claim of continental spread, Nigerian banks have missed out on the latest list of the 10 biggest banks in Africa.
Banks in Africa’s biggest economy have been aggressive in their push for a continental expansion in recent years but have not been able to catch up with their counterparts elsewhere as they have been dwarfed by assets of much larger banks in Africa.
United Bank for Africa (UBA) has a presence in 20 countries and is regarded as one of the fastest-growing banks on the continent.
Source: Legit.ng
