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Tag: Zenith Bank Plc

  • Zenith bank reports N80 billion revenue from e-banking transactions in 2024

    Zenith bank reports N80 billion revenue from e-banking transactions in 2024

    Zenith Bank received N80.05 billion in revenue from electronic banking transactions in its 2024 financial year report, which concluded on December 31, 2024, indicating a 54.51 percent increase over the N51.8 billion the bank reported in 2023. 

    Electronic fees include revenue from debit and credit card transactions, ATM withdrawals, balance enquiries, and expenses related to online and mobile banking services like bill payment and transfers.

    Furthermore, the unaudited financial statement of the bank for the year indicates interbank transfers, email and SMS alerts, and merchant payment processing fees as additional sources of revenue for the bank.

    The growing use of digital banking services and increased transaction volumes are the main causes of Zenith Bank’s 2024 electronic fee increase.

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    Zenith bank generates N13.48 billion in foreign exchange

    Foreign exchange transaction fees brought in N13.48 billion for the bank in 2024. The unaudited financial statement of the bank reveals a 221.72 per cent rise from the N4.19 billion reported in 2023.

    In financial activities, foreign currency transactions entail exchanging one currency for another. These consist of cross-border payments, international money transfers, foreign exchange purchases, and debit or credit card transactions in foreign currencies.

    From N19.72 billion in 2023 to N78.53 billion in 2024, the bank’s foreign withdrawal fees generated a 298 percent improvement year over year.

    Zenith bank reports record-breaking post-tax profit of N1.03 trillion

    The tier-1 bank’s 2024 full-year financial results showed a record profit after tax of N1.03 trillion, a 52.5 per cent increase over the N676.9 billion recorded in 2023.

    In addition, the bank reported its highest-ever pre-tax profit of N1.32 trillion, which grew by 66.6 per cent annually.

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    The bank’s workforce increased from 6,681 in 2023 to 7,704 in 2024, a 15 percent increase. The percentage of women in the workforce has increased to 53 per cent from the previous year’s nearly equal gender distribution.

    The report also notes that women now hold 36 per cent of the 14 board seats, up from 29 per cent in 2023, a 7 per cent increase in their representation on the board.

    However, men still dominate top management positions at the bank, with 68 per cent of them holding leadership positions.

  • Zenith Bank named Bank of the Year by UK’s Financial Times

    Zenith Bank named Bank of the Year by UK’s Financial Times

    Zenith Bank Plc on Wednesday was honoured with prestigious “Bank of the Year, Nigeria” title at the Banker’s Bank of the Year Awards 2024, which was held in London.

    The award, sponsored by The Banker Magazine, Financial Times Group, UK, was given in recognition of the company’s excellent management, effective business plan and strategy, and commitment to sustainability and ESG banking practices, the lender said in a statement on Wednesday.

    One of the most sought-after and highly respected honours in the banking sector is the Banker’s “Bank of the Year” award.

    Read also: UBA expands operations to France, joining tier-1 Nigerian banks in Europe

    Zenith Bank’s CEO’s reaction to the award

    Speaking about the honour, Adaora Umeoji, Group Managing Director and Chief Executive of Zenith Bank Plc, stated, “We are delighted and honoured to have been recognised as the Bank of the Year, Nigeria in The Banker’s Bank of the Year Awards 2024. This award is a testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”

    “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy. We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service to sustain our position as Nigeria’s number one bank,” she added.

    In addition, Umeoji praised Jim Ovia, the founder and chairman of Zenith Bank Plc, for his visionary work in creating the framework for a respectable, powerful, and internationally renowned financial organisation that is renowned for its innovation, exceptional performance, and generation of premium value for all stakeholders.

    Past Zenith Bank awards

    In recent years, Zenith Bank has received a lot of accolades.

    For the sixteenth year in a row, the bank was named the top Tier-1 bank in Nigeria by Tier-1 capital in The Banker Magazine’s 2024 Top 1000 World Banks Ranking.

    In the Banker’s Bank of the Year Awards for 2020 and 2022, it was also named the Bank of the Year (Nigeria); in the International Banker 2023 and 2024 Banking Awards, it was named the Most Sustainable Bank, Nigeria.

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    Zenith Bank’s expansion to France

    After receiving final approval from the French regulator, the Autorité de Contrôle Prudentiel et de Résolution, Zenith Bank inaugurated its Paris branch in November.

    The financial institution claims that this is a component of its worldwide expansion plan and dedication to helping customers wherever their enterprises may be located worldwide.

  • Zenith Bank opens Paris branch to support African-European trade relations

    Zenith Bank opens Paris branch to support African-European trade relations

    Zenith Bank Plc has officially opened its latest branch in Paris on November 27, 2024, marking a significant step in the bank’s global expansion strategy. This Third-Country Branch (TCB) aims to strengthen the bank’s presence in Europe and boost Franco-African trade relations.

    The establishment of the Third-Country Branch (TCB) in Paris follows the signing of a Memorandum of Understanding (MoU) between French Trade Minister Olivier Becht and Zenith Bank (UK) Limited Chairman Jim Ovia in November 2023.

    Read also: Winners emerge from Zenith Bank hackathon, receive N77.5m

    The branch was finally approved by France’s banking regulator, ACPR, in September 2024.

    According to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI), Nigeria makes up 20 percent of France’s commerce with Sub-Saharan Africa, hence the Paris branch establishment is a strategic move to improve Franco-African trade relations.

    Official inauguration during President Tinubu’s visit

    The inauguration ceremony was held on November 27, 2024, during President Bola Tinubu’s state visit to France.

    Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, conducted the ceremony, emphasising that the Paris branch is a symbol of the trust being built for Nigerian institutions worldwide.

    He noted that the new branch would foster stronger business relations between France and Africa, particularly in facilitating trade and investment opportunities.

    “The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region,” the statement reads.

    Speaking at the function, Edun stated that “one of the dividends of building trust for Nigerian institutions around the world” is the inauguration of the Paris branch.

    “The presence of Zenith here can only help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitated,” the minister said.

    “We are happy and we are glad that we are all here to participate in this historic occasion.”

    A key milestone in Zenith Bank’s global strategy

    Adaora Umeoji, Zenith Bank’s Group Managing Director and CEO, highlighted that the opening of the Paris branch is a key component of the bank’s broader strategy to expand into major global financial centers.

    “The opening of this Paris branch is part of the broad strategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses,” Umeoji said.

    “Paris branch opening underpins the need to serve our customers and bolster trade and finance relationships between our customers in France and other countries,” she emphasised.

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    The bank’s Paris location is a crucial asset 

    “The bank’s Paris location is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents,” according to Bertrand Dumont, Director-General of the French treasury.

    “So, I would like to wish you the best in this endeavour, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered,” Dumont added.

    Dangote congratulates Zenith Bank 

    The chairman of the Dangote Group, Aliko Dangote, also congratulated the bank on the achievement.

    He said that the calculated action will strengthen the banking industry and spur further expansion.

    Leveraging Zenith Bank’s vast global network, the new office will provide all-inclusive services to individual and corporate clients throughout Europe, including corporate banking, trade finance, and treasury services.