GMD/CEO'S Letter to Shareholders

This is the first Annual CEO review I am writing as the Group Managing Director/Chief Executive of Zenith Bank since my appointment took effect on August 1st, 2010. Taking over from Jim Ovia, one of the best and brightest brains to have operated in Nigeria's financial market was both interesting and challenging. Interesting in that, from a humble beginning, under his leadership, the Bank metamorphosed from just another bank to a financial superpower. And challenging, because to maintain that feat and even surpass it would not be easy in coming.

The audited and published financial statement for 2010 reconfirms our status and position as a leading financial institution in Nigeria. This is very evident in our rankings and trademark in the industry and the markets that we serve. As at December 31, 2010, Zenith Bank emerged as the largest bank on the Nigerian Stock Exchange (NSE), with a market capitalization of over N471 billion. Its level of Capital Adequacy and liquidity also stands it out as one of the best banking brands with strong Risk Management practices and excellent risk asset profile in Nigeria. We are aware of the enormous responsibility this leadership position confers and we shall continue to creatively enhance our product/service offerings in line with global best practices to deliver value to our shareholders.

During the year under review, we continued to drive our competitive edge through the use of robust ICT platform in delivering exceptional customer services. This, coupled with our strong brand recognition and strategically distributed branch network, ensured our hold on our market share. We have also continued to reinvent our service excellence strategy to consolidate our exceptional performance. Thus, our service channels, especially for the electronic solutions (e-products) were re-engineered and strengthened for greater efficiency and effectiveness. This is part of our various initiatives aimed at providing superior services to our customers while expanding their contact points for service delivery.

Our people, to whom we remain eternally grateful, continue to be a top priority in our drive for surpassing exceptional performance; hence, we will continue to place a very high premium on staff quality, welfare and training-a strategy that that has enabled us to attract and retain some of the best and brightest in the industry.

While we thank our numerous customers, shareholders and other stakeholders for their continued loyalty and unrivalled patronage, we will continue to ensure that our professional services people are appropriately motivated and empowered to continue in the delivery of world-class services, which we believe will help us sustain our superior performance in the years ahead. The horizon in deed remains bright.

In the same vein, our commitment to corporate social responsibility and good corporate governance will remain unwavering. This is why in the period under review we gave back in numerous ways to the society in which we operate. These endeavours have continued to make visible positive impacts on the wellbeing of various stakeholders.

I am confident that the effort to keep our growth trajectory will be sustained and we shall continue to accentuate the positive disposition that fuels and drives our determination to be a benchmark for the banking industry in Nigeria as well as encourage the attitude and motivation that trigger our achievement-oriented behavior.

Finally, I thank my colleagues on the Board for their support, encouragement and cooperation; and request that these be sustained.

Godwin Emefiele
GROUP MD/CEO