{"id":418654,"date":"2017-09-15T09:21:46","date_gmt":"2017-09-15T09:21:46","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/09\/15\/we-are-open-for-acquisition-talks-zenith-bank-ghana\/"},"modified":"2017-09-15T09:21:46","modified_gmt":"2017-09-15T09:21:46","slug":"we-are-open-for-acquisition-talks-zenith-bank-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/09\/15\/we-are-open-for-acquisition-talks-zenith-bank-ghana\/","title":{"rendered":"We are open for \u2018acquisition\u2019 talks – Zenith Bank Ghana"},"content":{"rendered":"

<\/p>\n

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Zenith Bank Ghana Limited has indicated that it is willing to engage any commercial bank that may be struggling to meet the new capital levels, for possible acquisition.<\/p>\n

The Managing Director of the bank, Henry Oroh, said the recapitalization announcement is a special thing for the country, stressing there might be the need for big players like Zenith Bank to extend a helping hand to other banks, beyond what they would traditionally do.<\/p>\n

He added that \u201cthe bank has not shut its doors for talks and we would have an open minded if we have good invitations, the bank would gladly review it\u201d\u00a0\u00a0<\/p>\n

<\/p>\n

Zenith Bank is said to be one of the few banks in the country that is in the position to meet the new minimum capital requirement of \u00a2400 million recently announced by the Bank of Ghana.<\/p>\n

This is based on its half year results ending June this year which showed that the bank might not require additional capital to meet the minimum levels starting from 2018.<\/p>\n

Bank’s engagement<\/b><\/p>\n

Speaking to JoyBusiness\u00a0on the bank\u2019s 12 years of operation in Ghana and some developments in the banking sector, Mr Oroh said it has always been the preference of Zenith Bank to grow organically.<\/p>\n

\u201cThat is how we have grown our business in most markets that we have operated over the years,\u201d he said.<\/p>\n

Regarding how the bank has come this far in terms of improving capital position, the Managing Director noted that this was as a result of prudent management of resources and deciding to plough back some of its profits into the business.<\/p>\n

\u201cThis is a philosophy that we have run over the years and we are willing to take it to another level,\u201d he said.<\/p>\n

Financial Performance<\/b><\/p>\n

Following the robust financial results Zenith Bank Ghana recorded at the end of the 2016 financial year, the bank has accomplished yet another earnings milestone for the half year ended June 30, 2017.\u00a0<\/p>\n

The bank\u2019s gross earnings grew by as much as 27% over the same period last year to a remarkable GH\u00a2319 million in June 2017; confirming the bank\u2019s excellent ability to optimise its portfolio of activities in a mixed economic climate.<\/p>\n

In an environment of declining interest rates, net interest income grew from GH\u00a2119 million in June 2016 to GH\u00a2152 million in June 2017, a growth rate of 27%.<\/p>\n

Total operating income grew by 20% from GH\u00a2168 million in 2016 to GH\u00a2202 million in 2017. The bank\u2019s revenue growth was driven in particular by growth in investment income.<\/p>\n

Profit before tax grew by 10% from GH\u00a292 million in 2016 to GH\u00a2102 million in 2017 while net profit attributable to shareholders of the bank grew by 12% to GH\u00a266 million.<\/p>\n

Growth plans<\/b><\/p>\n

Meanwhile, the Zenith Bank has indicated that it is targeting to be the biggest bank in the country within the next five years.<\/p>\n

Zenith Bank has witnessed some substantial growth in assets pushing it to the ranks of tier one banks in the country.\u00a0\u00a0\u00a0<\/p>\n

Mr Oroh said they want to grow the bank and the brand for it to be a dominant\u00a0player in the banking industry when it comes to market share, assets, capital, and profits.<\/p>\n

On the occasion of the bank\u2019s 12 years anniversary, the Managing Director took time to thank the bank’s customers and stakeholders.<\/p>\n

He noted that they wouldn\u2019t have chalked many successes without the support of their customers and other stakeholders in the economy.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Zenith Bank Ghana Limited has indicated that it is willing to engage any commercial bank that may be struggling to meet the new capital levels, for possible acquisition. The Managing Director of the bank, Henry Oroh, said the recapitalization announcement is a special thing for the country, stressing there might be the need for big […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-418654","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\nWe are open for \u2018acquisition\u2019 talks - Zenith Bank Ghana - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/09\/15\/we-are-open-for-acquisition-talks-zenith-bank-ghana\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"We are open for \u2018acquisition\u2019 talks - Zenith Bank Ghana - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Zenith Bank Ghana Limited has indicated that it is willing to engage any commercial bank that may be struggling to meet the new capital levels, for possible acquisition. 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