All Hail Ebenezer Onyeagwu’s Magic Wand As Zenith Bank Maintains Blistering Performance, Pay Shareholders High-Profit Despite Pandemic

Since the advent of Zenith Bank by the Founder Mr. Jim Ovia, many would attest to the fact that; the bank was built on some core values like; Integrity, Professionalism, Corporate Governance, Loyalty, and excellent service. To date, with over 30 years in business, the bank has never deviated from those core values which have made it a formidable bank that is currently competing with the best across the world. According to The Bankers Magazine, Zenith Bank is regarded as the biggest banking brand in Nigeria and by extension sub-Saharan Africa. You would wonder how the bank was able to achieve such impeccable feat just within three decades of existence. Encomium and praises must be showered on the projection and vision of the founder built on by the board of directors, most especially the workforce who keyed into the crystal clear dream to further place the bank far above its competitors.

During the heat of the Covid-19 in 2020, people wondered how the bank was able to sustain its customers, workforce and build strong confidence in the mind of shareholders despite the dwindling business climate in the country. All thanks to the doggedness and Wizardry of the Managing Director and Chief Executive Officer of the bank; Mr. Ebenezer Onyeagwu, who with his magic wand performed excellently well with results to shut naysayers up.

EBENEZER ONYEAGWU

Like the proverbial ram that moves back during a fight to bring more firepower, Ebenezer bounced back by delivered beyond the imagination of shareholders thereby, declaring a high-profit margin. Under the leadership of Ebenezer, the bank paid N2.80 as the total dividend per share for the penultimate year, meaning its dividend for 2020 was a 7.14 percent leap over the figure for the year before. Zenith Bank’s profit for the year advanced 10.4 percent to N230.57 billion from N208.84 billion, according to its audited earnings report.

Despite the challenging economy caused by the pandemic that is currently ravaging the world, the group’s gross earnings rose by 5 percent to N696.5 billion from N662.3 billion reported in the previous year, with an 8 percent growth in non-interest income from NGN232.1 billion in 2019 to NGN251.7 billion in 2020 and a 1 percent increase in interest income from NGN415.6 billion in 2019 to NGN420.8 billion in 2020.
“In the period under review, total deposit grew by a quarter to N5.34 trillion, while total assets scaled up by 34% from N6.35 trillion to N8.48 trillion.”

With various analyses from financial pundits, results show that; the brand is in the right direction by maintaining its pace despite the hurdles faced. As we approach the beginning of the second quarter of the banking year, Zenith is not relenting on its oars to keep thriving excellently by sustaining its brand image as the bank that puts customers first in its dealings and also protects the interests of shareholders.