Nigerian deposit money banks, microfinance banks, investment banks as well as mortgage institutions, which added value to the investments of their shareholders and made quality service delivery their focus in 2015, will be recognised in September by West Africa’s premier business newspaper, BusinessDay, at this year’s Banking Awards.
This year’s edition will be the fourth in its series. It should be noted that the Nigerian financial industry has witnessed a number of reforms in recent times, and these have made the financial institutions operating in the country to review their business models in order to survive. The institutions to be recognised are those that proved their mettle in a tough banking environment like ours.
The Annual Banking Awards were introduced by BusinessDay and anchored by its research arm, BusinessDay Research and Intelligence Unit (BRIU) to indentify the financial institutions that have distinguished themselves through value addition and innovative products, and to commend them in a way that will create a healthy competition among the players in the Nigeria’s financial industry.
Different awards are up for grabs and they include the Best Mortgage Bank of the Year, Microfinance Bank of the Year, Best Investment Bank, the Most Innovative Investment Bank, the Best Bank in support of agriculture, The Best Bank in support of the Manufacturing Sector, Best Bank in Corporate Social Responsibility (CSR), the Best Bank in Retail Banking and the Best Bank in Corporate Banking.
Others are the Most Customer Friendly Bank, the Most Innovative Commercial Product of the Year, Best Managed Funds-equity based, money market and fixed income; the Best Bank promoting Islamic Banking, the Bank CEO of the Year, and the Bank of the Year award categories.
For all the different award categories, the Award Committee employed qualitative and quantitative criteria in the process of selecting the nominees. The qualitative criteria are meant to ensure good corporate governance within the financial system and to encourage the prompt release of financial reports within the stipulated period. These parameters include the timely release of full year results and the presence of investor/analyst’s presentation on banks’ official websites.
The quantitative parameters include: loan growth; loan/deposit ratio; capital adequacy ratio; non-performing loans; liquidity ratio; return on average assets (ROAA); return on average equity (ROAE); net interest margin; cost to income ratio; distributions of loans across economic sectors; performances across business segments such as retail banking, corporate banking, SME banking as well as the penalties paid by each bank plus the level of commitment of each bank in corporate social responsibility (CSR) measured by its CSR spend expressed as a percentage of its profit after tax(PAT).