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Zenith Bank Emerges Number One Bank In Nigeria By Tier-1 Capital

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By Editor

 July 2, 2020 

Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.

The ranking, which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.

Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said; “This ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”.

Tier 1 capital describes the capital adequacy of a bank, and it is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest BIS guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.
Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.
Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

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Covid-19: Passengers With Cold, Malaria May Be Denied Boarding, say Aero Contractors July 2, 2020 The Managing Director of Aero Contractors, Capt. Ado Sanusi, has advised persons with malaria and cold not to bother going to the airport because they may not be allowed to board. Sanusi said this on Channels Television’s Sunrise Daily programme on Thursday. He said, “I will like to point out that if you have malaria or common cold, do not come to the airport because there is a high possibility that you are going to be denied boarding. This is the new normal that we are going to see. The main thing for the airlines is to make sure that the airplanes are safe and that is what we’re doing.” When asked if a passenger who comes with a doctor’s report stating that he has malaria would be allowed to board, Sanusi said his airline would still not board such a person unless he comes with a negative COVID-19 test result. Sanusi added, “My airline would not allow someone with a doctor’s report that says I have malaria. I would rather have him come with a COVID-19 test result certifying that he is free from COVID-19.” The Aero Contractors boss said persons who sneeze and cough mid-air would be isolated on the aeroplane and treated as suspected COVID-19 cases. He said when the plane lands, such persons would be handed over to the port health authorities. Sanusi added, “If we see anybody sneezing, we will take him as an index passenger. We are not saying that he has allergies. We will take him as an index passenger till we have handed him over to the port health authorities and the trained personnel would be the ones to determine whether he is allergic or has COVID-19. “If a passenger has allergies and starts sneezing, we will take him as an index passenger and there are protocols for that. We have made provisions for passengers to isolate and be taken care of.” He stated that the two-metre spacing recommended by the World Health Organisation would not be feasible on the airplanes but said passengers would be spaced where possible. Sanusi added that as long as passengers wear face masks, then there shouldn’t be any problems. He said there was no data to show that a fewer number of passengers would reduce the possibility of transmission The Aero Contractors MD stated, “The World Health Organisation has made it very clear that physical distancing should be two metres. We cannot achieve two metres inside a single-aisle airplane. The sitting is at most 55 inches. “So, they said if you cannot achieve physical distancing, then you must wear your facial masks. What I want to point out is that the flying public should understand that we have gone through a three-layered approach to ensure that whenever they are seated in the aircraft they are very safe. “We will try and spread as much as we can inside the airplane. As I said, we cannot achieve two-metre spacing between passengers bearing in mind that if a passenger tries to use the restroom, he will have to be close to another passenger. “So, if there is a 60 per cent capacity, we will try and spread the passengers but that is not based on science but emotions and psychology of the passengers.” Punch  
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