Emefiele pledges to be firm in CBN
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.