BANK CATEGORY

1. BANK CATEGORY Most Trusted Brand Survey Report February 2009 Wave

2. Background • Brands’ income comes from the customers-so, brands must provide what they think is of value to the customers. It sounds obvious, yet very few brands do it well. • The goal of branding is to build, maintain, and enhance relationship between brands and consumers. Relationship building is a powerful means of creating and sustaining competitive advantage. Sustainable relationship involves trust as its main ingredient. Therefore, brands must build a relationship of trust with their customers. Trust as a critical element in relationship is the focus of this survey. • The Most Trusted Brand survey is an attempt to track the strength of brands relationships with their consumers. It is expected that results from the tracking would enable an environment of continual learning, continual improvement and innovation for the brand owners.

3. It is expected that it would stimulate a new way to think- seeing the customer’s input in this survey as a gift, and new knowledge that can be used to better brand planning and achieve competitive advantage. The results would serve as a reminder for the brand owners to build on-going relationships by keeping their promises and building trust. • As a contribution to strong brand management initiatives in Nigeria, BrandHEALTH commences this study as a means of providing a cost effective, reliable, quick, economic and continuous source of primary data on how brands bond with the consumers.

4. Research Objectives • The study has only one objective: • To identify brands that best bond with the consumers.

5. Research Methodology • Respondents were interviewed face to face in-home using fully structured questionnaires. Multi-stage sampling method was used in selecting respondents. • 1000 respondents were interviewed in various parts of Lagos. 560 of the sample were males while the balance 440 respondents were females. The study also comprised of respondents aged 18 to 24 years (29%), 25 to 34 years(43%),35 to 45(19%) and 46 years and above(10%). In terms of social class, 17% of the respondents were consumers in the upper income class, 42% in the middle income class and 41 in the lower income class. • The fieldwork for February wave started on the 5th of February and ended on the 21st of February, 2009.  

6. Research Methodology •  In each product category, the respondents were asked five questions relating to trust. They were asked to associate the statements read to them with brands (a single brand per statement). No brand name was mentioned to the consumers. Respondents named brands spontaneously. The aggregate scores for the five statements were then computed to determine the most trusted brand for each product category.

7. Banks • Overall • The most trusted brand survey is instituted to run every two months to identify bank brands that best bond with their customers. • 36 product categories were survey with 1000 respondents participating. Of all the categories surveyed , the bank category was the most interesting. 95% of the respondents that is, 954 respondents answered questions in the bank category. • The respondents were asked five different questions bordering on trust they have for bank brands in Nigeria. Each respondent was told to associate just one bank with a statement. The aggregate scores for each bank is what is used to compute the results. • Three bank brands were at each other’s throat for the first position. GTBank scored 13.08%, First Bank 13.06% and UBA 13.0%. There was no real gap between GTBank and First Bank. However, for the purpose of having a representative in the category, GTBank is nominated for February as the most trusted bank, First Bank second and UBA third. • Oceanic bank came fourth with 12%. Again, the gap between Oceanic Bank and the first three is quite close.

8. Intercontinental bank was rated 5th most trusted brand by 9% of the respondents. BankPHB was rated 6th in the survey with 8% scores. Zenith bank came 7th with 7% scores . Skye bank occupied the 8th position with 3%. The ninth and tenth positions were for Diamond Bank and Eco bank with 2% votes each. • Other banks with 1% votes were Access Bank, Afribank, Fidelity Bank, FCMB, Finbank, Union bank, and Wema bank. • Gender • The category is not gender sensitive. • Age • The choice of bank brands in the survey was not based on age. • Social Class • GTBank, Zenith Bank was voted for more by respondents in the upper class. First bank, UBA, Oceanic Bank, Bank PHB had more votes from respondents in the middle income class. • Intercontinental Bank, was favoured more by respondents in the lower income class.

9. BANK CATEGORY Don’t Know, 5% First Bank, 13% UBA, 13% GTB, 13% Skye Bank, 3% Oceanic, 12% Diamond Bank, 2% ECOBank, 2% Others, 10% Intercontinental , None, 2% 9% Bank PHB, 8% Zenith, 7% Base I Obtain what I look for in it 1000 I feel most confident in 1000 Would be honest in attending to my needs 1000 Would make any effort to satisfy me 1000 Would never disappoint me 1000 First Bank 14% 13% 13% 13% 13% GTB 13% 13% 13% 13% 13% UBA 13% 13% 13% 13% 13% Oceanic 12% 13% 12% 13% 13% Intercontinental 9% 10% 10% 9% 9% Bank PHB 8% 8% 8% 9% 8% Zenith 7% 7% 7% 7% 7% Skye Bank 3% 3% 3% 3% 3% Diamond Bank 2% 2% 2% 2% 2% ECOBank 2% 2% 2% 2% 2% Others 10% 9% 10% 9% 10% None 2% 2% 2% 2% 2% Don’t Know 5% 5% 5% 5% 5%

10. I OBTAIN WHAT I LOOK FOR IN A BANK First Bank, 14% Don’t Know, 5% GTB, 13% UBA, 13% Skye Bank, 3% Oceanic, 12% Diamond Bank, 2% ECOBank, 2% Others, 10% Intercontinental , None, 2% 9% Bank PHB, 8% Zenith, 7% Male Female 18-24 25-34 35-44 45+ AB C D Base 560 440 285 429 190 96 172 418 410 First Bank 11% 17% 9% 14% 19% 17% 12% 16% 12% GTB 15% 10% 9% 16% 9% 16% 20% 11% 11% UBA 13% 13% 14% 14% 11% 8% 12% 15% 11% Oceanic 13% 10% 12% 14% 12% 3% 8% 14% 12% Intercontinental 8% 10% 9% 10% 9% 4% 6% 9% 11% Bank PHB 9% 7% 8% 8% 8% 10% 7% 11% 6% Zenith 7% 6% 8% 5% 8% 9% 13% 6% 6% Skye Bank 3% 4% 6% 2% 4% 1% 5% 4% 2% Diamond Bank 2% 1% 3% 1% 1% 3% 3% 2% 1% ECOBank 3% 2% 2% 2% 3% 1% 2% 2% 3% Others 10% 12% 11% 15% 13% 10% 10% 14% 9% None 1% 2% 2% 1% 1% 2% 2% 3% Don’t Know 4% 5% 7% 4% 1% 5% 4% 7%

11. I FEEL MOST CONFIDENT IN Don’t Know, 5% First Bank, 13% GTB, 13% UBA, 13% Skye Bank, 3% Oceanic, 12% Diamond Bank, 2% ECOBank, 2% Intercontinental , 10% None, 2% Bank PHB, 8% Zenith, 7% Others, 9% Male Female 18-24 25-34 35-44 45+ AB C D Base 560 440 285 429 190 96 172 418 410 First Bank 10% 17% 8% 14% 18% 16% 12% 15% 12% GTB 16% 10% 10% 16% 9% 17% 20% 13% 11% UBA 13% 13% 13% 14% 11% 9% 10% 14% 12% Oceanic 14% 10% 13% 15% 12% 4% 10% 14% 12% Intercontinental 9% 11% 9% 11% 11% 3% 8% 9% 11% Bank PHB 8% 8% 7% 8% 7% 8% 6% 11% 6% Zenith 7% 7% 8% 5% 7% 9% 12% 6% 6% Skye Bank 3% 4% 6% 2% 4% 1% 5% 4% 2% Diamond Bank 2% 1% 3% 1% 1% 3% 3% 2% 1% ECOBank 3% 1% 2% 2% 3% 1% 2% 2% 3% Others 9% 10% 10% 11% 13% 11% 8% 14% 12% None 2% 2% 2% 1% 2% 2% 2% 3% Don’t Know 4% 5% 8% 4% 1% 5% 4% 7%

12. WOULD BE HONEST & SINCERE IN ADDRESSING MY NEEDS Don’t Know, 5% First Bank, 13% GTB, 13% UBA, 13% Skye Bank, 3% Oceanic, 12% Diamond Bank, 2% ECOBank, 2% Intercontinental , 10% None, 2% Bank PHB, 8% Zenith, 7% Others, 9% Male Female 18-24 25-34 35-44 45+ AB C D Base 560 440 285 429 190 96 172 418 410 First Bank 10% 16% 7% 13% 17% 16% 10% 14% 12% GTB 15% 10% 10% 16% 9% 17% 17% 12% 12% UBA 13% 14% 13% 14% 12% 9% 12% 15% 12% Oceanic 14% 10% 13% 14% 11% 4% 9% 14% 12% Intercontinental 9% 10% 10% 10% 9% 5% 7% 9% 11% Bank PHB 9% 8% 8% 8% 8% 9% 8% 11% 6% Zenith 7% 6% 7% 5% 8% 8% 13% 5% 6% Skye Bank 3% 4% 6% 2% 4% 1% 5% 4% 2% Diamond Bank 3% 1% 3% 1% 2% 3% 3% 2% 2% ECOBank 3% 1% 2% 2% 3% 1% 2% 1% 2% Others 8% 12% 10% 9% 13% 9% 9% 8% 12% None 1% 2% 2% 1% 1% 2% 2% 3% Don’t Know 4% 5% 8% 4% 1% 5% 4% 7%

13. WOULD MAKE ANY EFFORT TO SATISFY ME Don’t Know, 5% First Bank, 13% GTB, 13% UBA, 13% Oceanic, 13% Skye Bank, 3% Diamond Bank, 2% ECOBank, 2% Bank PHB, 9% Intercontinental , None, 2% 9% Zenith, 7% Others, 9% Male Female 18-24 25-34 35-44 45+ AB C D Base 560 440 285 429 190 96 172 418 410 First Bank 10% 17% 7% 14% 17% 17% 10% 15% 12% GTB 15% 10% 10% 16% 8% 17% 19% 12% 11% UBA 13% 13% 13% 14% 13% 9% 12% 15% 12% Oceanic 14% 10% 14% 14% 11% 4% 10% 14% 12% Intercontinental 8% 11% 10% 10% 9% 4% 6% 9% 11% Bank PHB 9% 8% 8% 8% 9% 9% 8% 10% 7% Zenith 7% 6% 7% 5% 8% 8% 12% 5% 6% Skye Bank 3% 3% 5% 2% 4% 1% 4% 4% 2% Diamond Bank 2% 1% 3% 1% 1% 3% 3% 2% 1% ECOBank 3% 1% 2% 2% 2% 1% 2% 1% 2% Others 8% 12% 10% 8% 15% 9% 12% 8% 12% None 1% 2% 2% 1% 1% 2% 2% 3% Don’t Know 4% 5% 8% 4% 1% 5% 4% 7%

14. WOULD NEVER DISAPPOINT ME Don’t Know, 5% First Bank, 13% GTB, 13% UBA, 13% Oceanic, 13% Skye Bank, 3% Diamond Bank, 2% ECOBank, 2% Others, 10% Intercontinental , None, 2% 9% Bank PHB, 8% Zenith, 7% Male Female 18-24 25-34 35-44 45+ AB C D Base 560 440 285 429 190 96 172 418 410 First Bank 10% 17% 8% 14% 18% 17% 10% 15% 12% GTB 16% 10% 10% 17% 9% 16% 20 12% 11% UBA 12% 13% 13% 14% 12% 10% 11% 14% 12% Oceanic 14% 10% 13% 14% 12% 4% 9% 14% 12% Intercontinental 9% 10% 9% 10% 9% 4% 6% 9% 11% Bank PHB 8% 8% 8% 8% 8% 9% 7% 10% 6% Zenith 7% 6% 7% 5% 8% 8% 10% 5% 6% Skye Bank 3% 3% 5% 2% 4% 1% 4% 3% 2% Diamond Bank 2% 1% 3% 1% 1% 3% 3% 2% 1% ECOBank 3% 1% 2% 2% 3% 1% 2% 2% 2% Others 9% 12% 10% 7% 12% 11% 12% 8% 14% None 2% 3% 3% 2% 2% 2% 5% 1% 3% Don’t Know 4% 5% 8% 4% 1% 5% 4% 7%