ZENITH BANK EYES N2 TRILLION DEPOSIT BASE IN 2013 | Bizness Watch
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ZENITH BANK EYES N2 TRILLION DEPOSIT BASE IN 2013

 

The Mr. Godwin Emefiele led Zenith Bank Plc is undoubtedly Africa’s leading financial institution, as the bank has once again raised the dike by setting a huge target of N2trilion market deposit base for the 2013 financial year. The bank which decried the difficult operating environment experienced in the 2012 financial year is set to make history with this new target. The bank’s shareholders also decried the move by the Securities and Exchange Commission (SEC) to impose compulsory electronics dividend in the nation’s capital market. Speaking at the bank’s 22nd Annual General Meeting (AGM) in Lagos, Managing Director/CEO, Zenith Bank Plc, Mr. Godwin Emefiele said “The year 2012 was quite challenging for the industry, but Zenith Bank consolidated on the steady progress recorded in year 2011. We will continue to improve as we strive reach the N2 trillion mark on deposit base by year 2013. We are now in a position to surpass our present performance. The operating results of 2012 indicated an impressive performance in all parameters giving credence to the increasing market share and acceptance of our brand by Nigeria and international banking public.” In his own comment, Chairman, Zenith Bank, Sir Steve Omajafor, commended the shareholders at the meeting for their loyalty and contribution towards the growth of the bank. According to him, “Owing to a number of domestic and external factors, 2012 without any doubt was very challenging one for operators in the banking industry. However in line with our track record, Zenith Bank recorded total deposit base of N1.80 trillion for the year under review, representing a 14 percent increase over the previous year’s figure of N1.58 trillion. Profit After Tax (PAT) similarly surged by 132 percent from N41.30 billion in 2011 to N95.80 billion in 2012. Total assets grew by 12 percent, from N2.17 trillion to N2.44 trillion, while shareholders’ fund rose by 19 percent, from N372.02 billion to N438 billion.”




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