Zenith Bank named bank of the year Nigeria by the Banker

Zenith Bank PLC has been named bank of the Year Nigeria by the Banker, a publication of Financial Times of London. In a statement on its website the Banker said “Zenith has come a long way since it was founded in 1990. The bank, which had $17bn of assets at the end of 2012, is the largest in Nigeria based on Tier 1 capital, according to The Banker’s latest Top 1000 rankings. By the same measure, it is the sixth biggest lender in the whole of Africa.

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“Zenith’s performance in the past two years has been particularly strong. One of the banks to come through Nigeria’s 2009 financial crisis relatively unscathed, it made a record pre-tax profit in 2012 of N102 billion ($651m). This year looks even better. It posted profits before tax of N83 billion for the first nine months, up 10.4 per cent year on year. Analysts forecast it to earn about N106bn for the full year, which would amount to a return on average equity of close to 20 per cent.