Business News of Tuesday, 26 February 2013


Zenith Bank posts impressive result in 2012

Zenith Bank (Ghana) Limited posted a net profit of GH¢30.4 million last year following a sharp rise in interest income and a decline in its interest expenses.

The bank’s profit after tax for 2012 represented a 29.6 per cent rise over the 2011 close of GH¢23.5 million, its 2012 financials available to the Daily Graphic had shown.

While interest income shot up by 24 per cent, rising from GH¢64.2million in 2011 to GH¢80.0 million in the year under review, interest expenses declined by 32 per cent within the 12-month period.

The Managing Director(MD) of Zenith Ghana, Mr Daniel Asiedu, said in an interview that the bank's 2012 performance was a reflection of its image as a reference point for exciting and innovative banking services in the country.

"We knew we were going to achieve these having positioned ourselves to be a reference point for the provision of prompt, flawless and innovative banking services in the industry," he said.

Zenith Bank's financial statements further showed that the loans and advances portfolio increased by 62.7 per cent and its MD said the trend would likely continue in the 2013 financial year.

"We will continue to grow our loan book significantly and provide funding to good businesses in the country."

"We are not sector bias. Once the business will contribute to the development of the economy, we will be ready to support it to grow," Mr Asiedu added.

He, however, noted that the bank would not engage in activities that "could potentially threaten" the interest of its stakeholders.

It's financial statements showed that the bank's assets grew by 35 per cent with shareholder investments (return equity) rising by 28 per cent in 2012, developments the MD said would not be compromised.

"Ultimately, every engagement should result in a mutually beneficial outcome," he noted.

Mr Asiedu mentioned power, infrastructure, the downstream petroleum and cocoa sub-sectors, hospitality, manufacturing and mining as some of the areas the bank would be looking to increase funding.

He commended the bank's staff for their commitment and hard work over the years and further entreated them to be ready for the challenges ahead.

The MD also called on the business community not to hesitate to contact Zenith Bank for services, explaining that his outfit was ever ready to partner genuine businesses to expand in line with their visions.