Eme­fiele pledges to be firm in CBN

Daily Trust - - NEWS - From Kay­ode Ogun­wale, La­gos

The out­go­ing Man­ag­ing Di­rec­tor of Zenith Bank Plc and in­com­ing Gover­nor of Cen­tral Bank of Nigeria (CBN), Mr. God­win Eme­fiele, has promised to be firm in do­ing his job when he re­sumes at the apex bank in June.

Speak­ing at the 23rd an­nual gen­eral meet­ing of Zenith Bank yes­ter­day in La­gos, Eme­fiele said he will look at all the is­sues raised by Nige­ri­ans when he re­sumes and will be firm and just in ad­dress­ing them.

“As I move on to Cen­tral Bank of Nigeria as next CBN gover­nor, I have read a lot of ad­vice from the news­pa­pers. It is a na­tional as­sign­ment, it is about our econ­omy and we will work very hard to en­sure that we take Nigeria to greater heights,” he said.

Speak­ing on the po­si­tion of the bank, Eme­fiele be­lieved that Zenith Bank will con­tinue to work hard to po­si­tion it­self as num­ber one share­hold­ers’ fund bank in Africa.

“We will po­si­tion the bank be­yond been the big­gest bank in Nigeria, in Africa. Zenith Bank will move from num­ber six in share­hold­ers’ fund to num­ber one. It is al­ready num­ber one in West Africa and is tar­get­ing to be­come num­ber one in Africa and com­pete with the best bank in the world,” he said.

Com­ment­ing on the fi­nan­cial re­sult of Zenith Bank for the year ended De­cem­ber 31, 2012, the chair­man of the bank, Sir Steven Omo­jafor, said de­spite the chal­leng­ing en­vi­ron­ment for the bank­ing in­dus­try in 2013, Zenith Bank, both as a com­pany and as a group, was able to ex­ploit the op­por­tu­ni­ties within the en­vi­ron­ment which trans­lates to an­other ex­cel­lent per­for­mance that fur­ther at­tests to the dura­bil­ity and re­silience of the brand.

Ac­cord­ing to him, “these re­sults are an elo­quent tes­ti­mony to the sound fi­nan­cial health of our bank and the group.”

“Zenith Bank re­mains com­mit­ted to de­liv­er­ing su­pe­rior re­turns to our share­hold­ers; and this we once again demon­strate by en­sur­ing that a good chunk of our profit is set aside for our val­ued in­vestors.”

Mean­while, profit af­ter tax of the bank dropped by 13 per cent, from N95.803 bil­lion in 2012 to N83.414 bil­lion in 2013.

Dur­ing the same pe­riod, to­tal as­sets of the bank grew by 18 per cent, from N2.436 tril­lion to N2.878 tril­lion.

The bank’s share­hold­ers’ fund rose by eight per cent, from N438 bil­lion to N472 bil­lion.

Gross earn­ings also went up by 12 per cent from N279 bil­lion in 2012 to N311.30 bil­lion in 2013.

As a group, the per­for­mance in­di­ca­tors were no less im­pres­sive. The group’s profit be­fore tax grew by 8 per cent, from N102 bil­lion in 2012 to N110.59 bil­lion in 2013.

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