Zenith Bank (Gambia) Limited, a subsidiary of West Africa's biggest bank, Zenith Bank Plc, held its Annual General Meeting at Sheraton Hotel Gambia on the 21st of February 2013 where its audited annual report & Accounts were released.
The Bank reported a Pre-Tax profit of D45.6 million and a profit after Tax of D37.5 million. It will be recalled that Zenith Bank was the last bank to be licensed by Central Bank of the Gambia and commenced operation on 18th January 2010. Thus, 2012 had marked its third year of operation.
Total assets of the bank leap frogged by 48.7% from D632 in 2011 to D940 million in 2012. Deposit liabilities recorded an impressive growth of 74% from 2011 to 2012.
Most significant in the banks resounding success is the exponential growth in total operating revenue less interest expense which experienced a quantum leap of 158.7% from 46.4m to D120.09m. Notably significant is the unbelievable reality that the ratio of Non-Performing loans (NPL) to total loans of zenith Bank Gambia remains Nil after three years of operation, which means that the bank has no bad loans in its books.
Members of the Board of Directors of Zenith Bank Gambia include its Chairman, Prof. Muhammedou M.O. Kah who is also the Vice Chancellor of the University of the Gambia. The Board members include Alhagie Abdoulie Touray, Alhagi Baba Tela, Mr. Elias IgbinAkenzua, and Mr. Godwin Emefiele who is the current Group Managing Director/Chief Executive and its pioneer and current MD/CEO in the Gambia Mr. Emeka Anyaegbuna.
Aside the Chairman & the Board member, others in attendance at the Annual General Meeting include the auditors of the bank DT Associates led by their Managing Partner Mr. Chernor Jallow who presented the audit report as well as the entire management Team of the Bank.
It is on record that this is the first time a bank would publish its audited accounts in February, 2 months after its financial year-end.
A visit to the imposing glass house head office structure of Zenith Bank on Kairaba Avenue shows a very significant difference from the norm. The customer service culture of the bank is unparalleled and can be better rated than several financial institutions on Wall Street.
From historical records in Nigeria and Ghana, it takes Zenith Bank few years of operation to get to the top which pre-surprises that Zenith Bank is the bank to watch in the Gambia.
Efforts to interview the Managing Director/Chief Executive Mr. Emeka Anyaegbuna proved abortive. With Zenith Bank's 2012 profitability figures, when compared to the publish results of the big banks in the Gambia for 2011; Zenith Bank would rank the third most profitable bank.
Whilst we await the publication of results from other banks, it is apparent that Zenith Bank has within 3 years of operation pined it top league of banks in profitability in the country.