Access Bank Plc has overtaken Zenith Bank as the most valuable banking brand in Nigeria, the latest 2022 top 500 global valuable banking brands index has shown.
According to the ranking compiled by Brand Finance, a London-based business valuation and strategy consultancy, Zenith Bank, which recorded $335 million in 2021, had been ranked as the country’s most valuable banking brand until it was overtaken by Access ($379 million).
Access Bank now ranks 345 out of 500, while Zenith is ranked 367.
Managing Director of Brand Finance Nigeria Babatunde Odumeru said Access Bank could become a global brand due to its better attention to customers when compared peers.
Odumeru Said: “Its drive to become a top-five African bank keeps it focused on continually growing its brand value. The bank’s customer acquisition strategy and its growing footprints in key markets are driving revenue growth,”
Brand Finance, on a yearly basis, puts 5,000 of the biggest brands to the test and publishes nearly 100 reports, ranking brands across all sectors and countries.
The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
According to the bank’s financial statements, 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.
Total assets grew by 31.6 percent to N10.4 trillion as of September 2021, up from N7.9 trillion as of September 2020.
Although in the first nine months of 2021, Zenith Bank’s profit after tax was higher than Access Bank’s, when compared with total assets and gross earnings, Access Bank was higher.
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 Bank.