Zenith becomes Nigeria’s best bank for the fourth consecutive year

For the fourth time since 2019, Zenith Bank Plc has taken home the title of “the Best Bank in Nigeria” at the Global Finance Best Banks Awards 2024.

The bank was honored with other financial organizations from 36 African nations at the esteemed 31st Annual Best Bank Awards by Global Finance. Following thorough consultations with corporate finance executives, bankers, banking consultants, and analysts worldwide, the editors of Global Finance made the pick.

The selection of the best banks took into account a variety of metrics, from informed subjective to objective quantitative measures. Growth in assets, profitability, geographic reach, strategic alliances, new business development, and product innovation were among the objective criteria taken into consideration.

Opinions from banking consultants, credit rating experts, equity analysts, and other industry participants were included in the subjective criterion.

Dr. Ebenezer Onyeagwu, the departing Group Managing Director and Chief Executive of Zenith Bank, commented on the award: “This award is a potent testament to our perseverance and resilience in the face of adversity and a highly difficult financial climate. It is, in fact, proof of our position as Nigeria’s top financial institution, committed to providing outstanding value to all of our stakeholders without wavering.”

He conveyed his sincere appreciation to Jim Ovia, the chairman and founder, for his extraordinary foresight and pivotal role in creating a stable and long-lasting financial organization.

He also praised the personnel for their enduring dedication and steadfast commitment, the consumers for their consistent allegiance to the Zenith brand, and the board for their keen insights and exceptional leadership.

Joseph Giarraputo, publisher and editorial director of Global Finance, stated: “Generative artificial intelligence has arrived, marking yet another significant milestone for the banking industry and potentially rewriting its playbook. The Best Bank Awards honor the banks that provide the widest range of services, enduring dependability, and cutting-edge technology in this dynamic landscape.”

NGX turnover is increased by N52 billion thanks to GTCO, Zenith, and Access Bank

The volume of shares traded last week was boosted by high transactions in the shares of three banks: Guaranty Trust Holding Company Plc, Zenith Bank Plc, and Access Holdings Plc. A turnover of 1.8 billion shares worth N52 billion was recorded.

Investors on the Nigerian Exchange Limited (NGX) floor performed trading in 38,550 deals, exceeding the N48.7 billion worth of shares that were exchanged in 45,237 deals on March 22.

In observance of Easter, the federal government proclaimed Friday a national holiday, which caused the market to open for four trading days. 

Particularly, according to volume, trading in the top three stocks—Guaranty Trust Holding Company, Zenith Bank, and Access Holdings—accounted for 589.9 million shares valued at N23.3 billion over 8,166 transactions, or 32.7% of the entire equity turnover.

With 1.3 billion shares worth N32.9 billion exchanged in 20,897 deals, the financial services sector dominated the activity chart when measured by volume. This sector accounted for 73.7% of the overall stock turnover volume.

The conglomerate sector came next with 2,368 deals totaling 106.7 million shares valued at N1.5 billion. The consumer goods sector came in third place with 4,731 deals totaling 87.7 million shares valued at N4.2 billion. 

The bourse saw another muted performance on the price movement chart last week, even though it closed slightly higher in two of the four trading days.

The market capitalization and all-share index closed the week at N59.121 trillion and 104,562.06, respectively, down 0.08 percent. The NGX oil and gas and NGX sovereign bond indexes closed flat, while all other indices ended up. The exceptions were the NGX main board, NGX 30, NGX consumer goods, and NGX growth, which all saw depreciation of 0.28 percent, 0.16 percent, 0.97 percent, and 0.14 percent, respectively.

With month-to-date and year-to-date returns of +4.7 percent and +40 percent, respectively, the decline was caused by sell pressure on FBNH (-8.0 percent) and Dangote Sugar (-11.9 percent).

In comparison to the 10.560 units valued at N131.5 million transacted in 184 deals last week, a total of 20,189 units of Exchange Traded Products (ETPs) priced at N11.3 million were traded in 210 deals.