Zenith Bank opens up on IT upgrade after increasing profit

2 weeks ago 2

Zenith Bank Plc has assured its customers of an enhanced banking experience provision
This followed the successful completion of a comprehensive upgrade to its Information Technology infrastructure
The bank’s unaudited third-quarter earnings demonstrated a remarkable triple-digit rise of 118%

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

After successfully completing a thorough upgrade to its Information Technology (IT) infrastructure, Zenith Bank Plc has promised its clients an improved banking experience.

Zenith Bank's Group Managing Director/Chief Executive Officer, Dr. Adaora Umeoji, thanked the bank's customers for their patience throughout the recent switch to a more reliable and effective operating system in a statement sent to the media, Daily Sun reported.

Dame Adaora shared,

“We embarked on this significant upgrade to better position Zenith Bank for improved service delivery and to ensure that all our valued customers receive exceptional banking experiences at every touchpoint,” “With one of the most advanced technology infrastructures in the Nigerian banking sector, we are now more equipped than ever to deliver the best possible service to our customers.”

The unaudited third-quarter results for Zenith Bank Plc, which concluded on September 30, 2024, showed an impressive triple-digit growth of 118%, from N1.33 trillion in Q3 2023 to N2.9 trillion in Q3 2024. This performance demonstrates the Group's tenacity and market dominance despite the difficult macroeconomic climate.

The triple-digit growth in the top line also resulted in a higher bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, rising from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024, according to the Bank's unaudited third quarter financial results submitted to the Nigerian Exchange (NGX).

CBN releases reporting channels for customers

Legit.ng reported that as Nigerian banks migrate to more secure platforms to protect depositors’ funds, customers have asked financial institutions to compensate them for losses incurred during network downtime.

A previous report by Legit.ng disclosed that about four commercial banks in Nigeria issued notices of system upgrades in the past weeks, which has caused customers to have trouble carrying out transactions.

The banks’ tech upgrades in the past few weeks caused severe concerns to customers, sending panic into bank customers in rural areas.

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Source: Legit.ng

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