For the 14th year in a row, Zenith Bank Plc has retained its ranking as the ‘No.1 Bank in Nigeria by Tier-1 Capital’ in the 2023 top 1,000 world banks’ rankings published by The Banker Magazine.
A statement by the bank said Zenith emerged as the 467th bank globally with a Tier-1 capital of $2.54 billion
It also disclosed that the rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally.
The rankings continue to be the primary source for global bank financials and are used by most international organisations in their assessments of banks.
Zenith Bank’s financial performance for the year was boosted by an impressive double-digit growth of 24 per cent in gross earnings, leading to an improved market share in both the retail and corporate segments of the market.
Commenting on the ranking, the GMD/CEO of Zenith Bank Plc, Dr Ebenezer Onyeagwu, said: “Being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds. It is also an affirmation of our best-in-class service and commitment to value creation for our highly esteemed customers.”
Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.
Zenith Bank became one of the latest companies to join the exclusive group of stocks worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023.
This followed the appreciation of its share price by 3.23% to close at N32 per share, taking its market capitalisation above a trillion to close at N1.004 trillion.
The bank’s track record of excellent performances has continued to earn it numerous awards including the conferment of Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
