Zenith Bank Ghana Limited says in spite of the challenges that confronted the banking sector in 2017, it was able to put up a good performance.
The Nigerian-owned multinational financial services provider reportedly recorded a growth in profitability of 25 percent in 2017.
Also in 2017, Zenith Bank Ghana Limited accordingly recorded growth in balance sheet of over 30 percent.
The gains were said to have been made domestically through the bank’s retained earnings, as its shareholders have reportedly declined taking dividends for a couple of years now in order to allow the bank plough back and invest more in infrastructure and lending to customers.
Managing Director of Zenith Bank Ghana Limited, Henry Oroh, disclosed this recently in Accra during the first phase of the 2018 edition of Zenith Bank’s bi-annual health walk held under the theme: Together We Aspire – Let’s Walk For Health.”
“2017 naturally was a difficult year because there was transition (change of government) and systems have to change and government had to settle down in spite of process when there is a political change. Budgets had to be redefined to suit the current government,” he said.
For that reason, the MD noted that government did not spend much in 2017 and that that had an impact on the banking sector’s financial operations.
“So industry experienced a little storm, importation dropped significantly and all that and it’s also consistent with the programme government was running (fiscal consolidation),” he explained.
“So for so many reasons, 2017 was quite a difficult year, but in spite of that like I said, for us as a bank we were able to stand the storm and also came out with a performance that we are proud of,” he added.
This year, he said, the bank will strive to improve its 2017 performance by empowering and motivating staff and increasing their salaries, while sponsoring them for overseas training to enable them offer quality services to customers.
By Melvin Tarlue