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The streak of successes recorded in recent times by Zenith Bank is due to its high level professionalism and concentration on its core area
The streak of successes recorded in recent times by Zenith Bank is due to its high level professionalism and concentration on its core area of competence, the Managing Director/Chief Executive Officer of Zenith Bank International, Mr. Jim Ovia, has said.
Emerging from the first phase of banking consolidation, Zenith Bank had moved quickly to shore up its shareholders' funds through public offer to N93.80billion from N37.78 billion as at the end of June 2005, the largest so far by any bank in the country.
The bank also posted good results for the financial year showing among others, a profit before tax of N11.08billion for the nine months which ended March 31, 2006, representing a 42 per cent increase over the same period in the last financial year.
Speaking in an exclusive interview with THISDAY last night in Lagos, Ovia said by concentrating on its core areas of business and competence, Zenith Bank compared with other banks achieved all growth parameters.
Ovia said the bank's share value increased from N10.90k in 2004 to N22 at present, an increase of over 100 per cent, which, according to him, can hardly be achieved in any other sector of the economy.
With that, the Zenith Bank would be paying N10.10k as dividend per share and would pay a total of N6.6 billion as cash dividend.
"In the history of banking in Nigeria, no other bank has ever paid that much as dividend to shareholders. It is the highest ever, ever in the Nigeria banking industry", Ovia said.
According to the MD/CEO, right from the moment Zenith Bank conducted its public offer in June 2004, its objective has been to create value for its shareholders.
Ovia said the focus of the bank remained the need to be consistent in paying higher dividend in the industry stating that, "this is achievable because the future of banking in Nigeria is very bright.
"The economy is doing well, there are stronger banks operating in the economy at the moment. The banking industry in Nigeria is now more efficient and more professional and Zenith Bank will continue to lead the pack", he further said.
Ovia pointed out that this was possible "if you look at the overall Nigeria economy it is growing with more investments, whether it is foreign direct investments or local investments. There are more investments in infrastructure and the overall beneficiaries of these are Nigerian banks".
The successes recorded by Zenith Bank in the country was soon complemented with other international breakthrough as the bank signed a joint venture agreement with JP Morgan, a highly reputed United States-based financial outfit.
And while it was still basking in the euphoria of that feat, the Governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo, at the spring meeting of the World Bank in Washington DC proclaimed Zenith Bank as the first Global Custodian Bank in Nigeria.
Until last week that it emerged the biggest bank in Nigeria, Zenith was the third largest in the country with total assets plus contingents of N370 billion as at June 30, 2005.
Ovia said the unique selling point of the bank was its exceptional quality service delivery adding that Zenith Bank would not stop its winning strategy which had worked well for it over the years but would rather improve on it.
"As far as we are concerned, as long as our customers are happy and our shareholders are happy, then we are happy and we will do everything to continue to make them happy", he said.