ZENITH Bank has been named bank of the year in Nigeria at the Banker’s Bank of the Year Awards 2020.

The award was announced on Tuesday by The Banker Magazine, Financial Times Group, UK, during the virtual award ceremony.

It was gathered that the award was based on the ability of individual banks to deliver returns, gain strategic advantage, and serve their markets.

“It is a thing of joy for us in Zenith Bank to have been recognized by The Banker, Financial Times Group, as the Bank of the Year 2020 in Nigeria. I dedicate this award to our staff for their commitment, doggedness, creativity, and very outstanding talents.

“It is in the talent of our staff that the bank has continued to build dynamic competencies and capabilities that are driving our business for continued superior performance,” Ebenezer Onyeagwu, Zenith Bank’s Group Managing Director, said.

Onyeagwu expressed his gratitude to Jim Ovia, the group chairman, for the foundational role he played in building the structures and laying the foundation for an enduring and very successful institution, the board for the deep insights and outstanding leadership they provide, as well as the customers for their support.

For the 12-month period that ended on December 31, 2019, Zenith Bank announced a profit after tax of N208.8 billion, achieving the feat as the first Nigerian bank to cross the N200 billion mark.

In the recently released Q3 2020 unaudited financial results, the bank recorded an improved result over the corresponding period in 2019 with gross earnings rising by four percent to N509 billion and profit before tax, PBT, rising marginally by one percent to N177 billion.

In July, The Banker Magazine named Zenith Bank the number one bank in Nigeria by tier-1 capital in the 2020 Top 1000 world banks ranking.

The Banker’s Bank of the Year awards are contested by financial institutions across the world and winners are chosen across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America, and Western Europe.