15 October 2008
Lagos — In recognition of its positive influence within Africa's financial market, Zenith Bank Plc has emerged the Best Global Bank in Africa at this year's African Bankers Awards held at The Willard Hotel in Washington D.C.
The ceremony, which held last weekend was hosted by the London-based IC Publications Ltd, publishers of African Banker Magazines on the eve of the World Bank's critical global discussions on the state of the world's financial systems.
Over 350 people, including Africa's finance ministers, governors of central banks, financial market regulators, global media personalities, industry leaders and top bankers attended the glittering ceremony.
The organisers say the Best Global Bank award given to Zenith "is in recognition of the bank which has most positively influenced the African continent". The jury, they said, looked for a bank which has contributed significantly to business growth and development in the financial industry, changed the perception of doing business in Africa, brought world-class practices to Africa, bank's activities in Africa, and how the bank's operation in Africa differs in comparison to other global banks.
A total of 17 awards were presented at the grand ceremony, which was held on the occasion of the World Bank/IMF meeting and supported by the Corporate Council on Africa and African Development Bank.
Only two months ago, Zenith Bank was named the Best Bank in Nigeria by the prestigious Euromoney magazine at an award ceremony held in London.
The impressive growth pattern and performance over the years have earned Zenith Bank excellent ratings from local and international agencies. Fitch currently rates Zenith Bank AA- (National), while Agusto & Co., Nigeria's foremost rating agency, has for nine consecutive years rated Zenith Bank Triple Aaa, saying " the bank is a financial institution of impeccable financial condition and overwhelming capacity to meet obligations as and when they fall due".
The bank recently announced a profit before tax of N50.28 billion for the 12 months ended June 30, 2008, showing an impressive 96 per cent jump over the N25.67 billion recorded last year.
The result, which showed gross earnings rising by 67 per cent from N94.88 billion to N158.29 billion also had profit after tax, which jumped by 119 per cent from the N18.77 billion recorded last year to N41.04 billion.
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