In 2012, Zenith Bank consolidated on the steady progress recorded in the previous year. As a result, we are now in a better and stronger position to surpass our achievements thus far with greater optimism and clearer vision. The operating results of 2012 indicated an impressive performance in all parameters giving credence to the increasing market share and acceptance of our brand by the Nigerian and international banking public. The result confirms Zenith's leadership position in the industry as it became the first to cross the N100 billion Profit After Tax mark in a financial year. The result also showed the bank maintaining its leadership position in other parameters with Total Assets of N2.60 trillion. This is a clear indication that we are right on our chosen path as an Emerging Global Financial powerhouse.

In the course of the 2012 financial year, the Bank was conferred with a number of awards amongst which were Best Commercial Bank in Africa and Emerging Global Super brand. The awarding institutions cited consistency, stable management, organic growth, professionalism and entrepreneurship as some of the criteria evaluated in arriving at their endorsements. Also, in the year under review, the Bank was recognized as one of the 30 outstanding global brands that are making sustainable impact In their operating environments in the area of Corporate Social Responsibility.

As you all know, Zenith Bank places high premium on the pivotal role of Exceptional Service Delivery in its drive to consistently exceed customer expectations. Thus, the bank has put in place a well articulated strategy to meet and surpass customer expectations and constantly ensure that plans and strategies are fine-tuned to address the changing taste and sophistication of the customer. The underlying philosophy is for the bank to remain at all times, a Customer-focused institution with a clear understanding of its market and environment. The promise this holds for us is that, as a bank, we are better positioned to continue to create value for our various stakeholders and positively impact businesses.

An eloquent attestation of Zenith Bank's best-in-class customer-centric service delivery was made by KPMG in its 2013 Banking Industry Customer Satisfaction Survey (BICSS). Zenith Bank Nigeria was ranked the best Customer-Focused bank in both the retail and corporate banking categories on the basis of a Customer Satisfaction Index (CSI) which took into account key factors like, Convenience, Product/Service Offering, Transaction Methods and Systems, Pricing and Customer Care. The survey covered more than 14,000 retail customers, 3,000 SMEs and 400 corporate/commercial organizations across Nigeria.

Our strategy for assessing and managing the impact of the bank on the industry forms an integral part of our strategic plan. Specifically, we consider how the present and future capital requirements will be managed and met in view of projected capital requirements based on our own assessment and against the regulatory capital requirements.

We have consistently met and surpassed the regulatory requirements by the Central Bank of Nigeria (CBN) to maintain a certain ratio of total regulatory capital to the risk-weighted asset. In summary, the bank is today rated as a low risk institution, with a sound capacity to generate and retain reserves. As a result of all this, the bank's liquidity profile remains very strong and our risk management practices give assurance that this profile will be sustained.

In our determination to strengthen our management team pursuant to establishing a more effective institution, the Central Bank of Nigeria approved Adaora Umeoji as Executive Director and Chief (Mrs.) Chinyere Asika, OFR, as Non-Executive Director in the bank. I am sure their drive and team-spirit would positively impact the institution in large measure. I congratulate them for the well-deserved appointments.

In 22years Zenith Bank has become the biggest bank in Nigeria by tier-1, showing strength in asset size, liquidity, profitability, asset quality and capitalization. We have made giant strides in the Nigerian Banking industry and other jurisdictions where we operate. Subsequently, in the course of the financial year, we listed our shares on the London Stock Exchange to take advantage of the strategic benefit there-from through a non-capital raising Technical Global Depository Receipts (GDR). By its size, the $850 million GDR listing is the largest of any Nigerian bank on the LSE to date. I am positive of the impact accruable from this initiative especially as it concerns all shareholders of the bank.

Going forward, our challenges will include, though not limited to, further elevating our standing as a reputable financial institution by establishing a corporate structure that can stay imperturbable. However, I am glad that we are well positioned and adequately equipped to remain at the forefront of Nigeria's financial services sector.

Godwin I. Emefiele
GMD/CEO