Kuni. G .Isaac
Access Bank Plc has surpassed Zenith Bank as the most valuable banking brand in Nigeria.
In the statistics made by Brand Finance, a London-based business survey and strategy consultancy, recorded that Zenith, which documented $335 million in 2021, had been the country’s most valuable banking brand until it was overtaken by Access Bank after taking a record of $379 million,
Access Bank’s estimate is a result of the fruitful merger with Diamond Bank in April 2019, and its recent expansion into the East and Southern African market.
According to financial statements, Access bank’s gross earnings in the first nine months of 2021 was N693.1 billion, an increase of 16.9 percent from N592.8 billion recorded within the same period in 2020.
However overall assets developed by 31.6 percent to N10.4 trillion as of September 2021, up from N7.9 trillion as of September 2020.
Although Zenith Bank’s profit after tax was higher than Access Bank’s in the first nine months of the year ,2021, but Access had the higher record when compared with overall assets and gross earnings.
From their financial statements, Access’s total assets of N10.4 trillion in the first nine months of 2021 was higher than Zenith’s (N8.8 trillion) and gross earnings of N518.7billion for Zenith was lesser than N693.1billion recorded for Access.
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