Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.
Climbing 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the No.1 Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1 per cent on the $2.40 billion recorded in the 2019 rankings.
The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, UK, was based on the 2019 year-end Tier-1 capital of banks globally.
According to the report, Zenith Bank extended its lead over the second-placed bank in Nigeria.
The bank’s financial performance for the year was underpinned by a 29 per cent increase in non-interest income, with an improved market share in both retail and corporate sectors.
Speaking on the rating, the group managing director/chief executive of the bank, Mr. Ebenezer Onyeagwu said the ranking attested to the Zenith’s market leadership.
“This ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology,” he said.
Tier 1 capital describes the capital adequacy of a bank and it is the core measure of a bank’s financial strength from a regulator’s point of view.
Tier 1 Capital as defined by the latest BIS guidelines includes loss-absorbing capital, that is, common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.
Recall that Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co.
The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards.
Recently too, the bank was recognised as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine ‘Top 500 Banking Brands 2020’, Best Bank in Nigeria in the Global Finance ‘World’s Best Banks Awards 2020’ and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.
