ZENITH BANK SHINES DESPITE COUNTRY 'GRAPPLING WITH BAD DEBTS'

Zenith Bank (Gambia) Limited, a subsidiary of Zenith Bank PLC., West Africa’s biggest and most profitable bank has recorded outstanding results in all indices of financial standing, for its third year of operations in the country, as confirmed in its 2012 audited annual report.

The bank, which started operational three years ago, has been reported to have register a profit before tax of D45.6 million and a profit after tax of D37.5 million, with bad loans standing at nil, according to its financial statement, which was made available to journalists after its recent Annual General Meeting (AGM).

"The total assets of Zenith Bank Gambia increased by 48.7% from D632 million in 2011 to D940 million in 2012, deposit liabilities of the bank also increased exponentially from 2011 to 2012," the report stated.

Of particular mention in the bank’s resounding success is the remarkable growth in total operating revenue, which has increased by 158.7% from D46.4 million to D120.09 million.

"The most significant achievements and unbelievable realities of the bank is its ratio of non-performing loans to total loans, which remains nil, after three years of operation while other commercial banks in The Gambia are grappling with bad debts more than ever as their loans and advances portfolio continue to swell because of huge sums of monies given out as loans to customers who often times default, thus leading to bad debts (debts not likely to be paid), giving rise to banks losing millions of dalasis in profits.

Strategies for success
A management staff of the bank who spoke in anonymity attributed the impressive performance to the resilience of the Zenith brand, growing customer confidence in the brand, occasioned by exceptional customer service, teamwork and focused / practical leadership.

He said Zenith Bank’s business and operational strategies are geared towards exceeding the customer-service expectations of all their customers. “We are desirous of contributing meaningfully to the socio-economic development of the country.”

Sitting on the board of Zenith Bank Gambia, which opened its doors for business in the country in January 2010, are Prof. Muhammadou M.O. Kah who is also the Vice Chancellor of the University of the Gambia, as the board chairman, and Alhagie Abdoulie Touray, Alhagi Baba Tela, Mr Elias IgbinAkenzua, Mr Godwin Emefiele who is the current Group Managing Director/Chief Executive Officer (MD/CEO), and Mr Emeka Anyaegbuna, MD/CEO of Zenith Bank Gambia.

The customer service culture of the bank is unparalleled in The Gambia, as it continues to replicate the wonderful successes in Nigeria and Ghana where within few years of its operation the bank is now rated among the top banks in those countries.