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Zenith Bank Won’t Seek Fresh Funds After $500m Eurobond Expires

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By Dipo Olowookere

The management of Zenith Bank Plc has disclosed that there is no immediate plan to approach the debt market to borrow fresh funds to boost its operations and revenue.

This disclosure was made last Thursday at the analyst call of the financial institution after the release of its financial statements for the year ended December 31, 2018 last Tuesday.

Addressing financial experts and investors during the conference call, Zenith Bank said after repaying its $500 million Eurobond, which matures on April 22, 2019, it has no intention to make another borrowing anytime soon.

Business Post reports that in 2014, Zenith Bank sold a $500 million Eurobond to investors, with the exercise conducted for the lender by Goldman Sachs and Citibank.

The $500 million Eurobond was the first tranche of the bank’s $1 billion Global Medium Term Note programme.

The exercise, which received 200 percent oversubscription, had offers from investors across the globe, including from Europe, the United States, Africa, Asia and the Middle East.

Also during the analyst call last week, Zenith Bank said its outlook for 2019 was positive, supported by a fairly stable inflation rate, converging foreign exchange market and near target oil production. The bank further said it would continue its investment in the retail segment of the market to consolidate its leadership position in both the retail and corporate segments while it maintains its shock proof balance sheet.

In addition, Zenith Bank plans to grow its loans by 7.5 percent during this fiscal year against the loan growth of 2.5 percent recorded in 2018.

The financial institution said it hopes to tap into the agricultural sector this year to improve its earnings and profit.

It said in 2019, there are strategies to provide more credit facilities manufacturers in the sector, which will in turn grow the economy.

An analysis of the company’s 2018 financial results showed that the profit before tax (PBT) increased by 16 percent to N232 billion from N199 billion reported in 2017. The record PBT was achieved through the firm’s optimisation of its cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11 percent to N6.15.

However, due to a challenging macro-environment, gross earnings and interest income reduced by 15 percent and 7 percent respectively, driven by declining trading income, compressed yields on assets, and a reduction in the loan book by 10 percent.

Despite the decline in gross earnings, Zenith Bank mitigated these knock-on effects through growth of its net interest income and operating income by 15 percent and 8 percent respectively as it was able to ensure improved cost efficiencies across the business.

This focus on cost efficiencies is yielding tangible benefits as the lender recorded its lowest ever cost to-income ratio at 49.3 percent from 52.8 percent in 2017.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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Banking

Polaris Bank to Limit Access to VULTe for Four Days

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By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

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