27 February 2013

Gambia: Zenith Bank Registers D45.6 Million in Profits

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; a press release from the bank reveals.

The release notes that 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 is said to have leap frogged by 48.7% from D632 million in 2011 to D940 million in 2012. Deposit liabilities recorded a growth of 74% from 2011 to 2012.

The banks boasts that most significant in its "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.

The release also states that this is the first time a bank would publish its audited accounts in February, 2 months after its financial year-end.

According to the release, it has taken Zenith Bank few years of operation to get to the top.

The Bank asserts that it'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."

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