In a recent announcement, Zenith Bank Plc has once again secured the prestigious title of Nigeria’s number one bank in terms of Tier-1 Capital. The 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine, confirmed Zenith Bank’s position as the leading bank in the country. This marks the fourteenth consecutive year that the bank has retained its top-ranking status.
Globally, Zenith Bank was ranked 467th among all banks, with an impressive Tier-1 Capital of $2.54 billion. The rankings, which are regarded as a reliable source for evaluating global bank financials, were based on the Tier-1 capital figures reported by banks at the end of 2022. Numerous international organizations rely on these rankings to assess the performance of banks worldwide.
Zenith Bank’s remarkable financial performance throughout the year played a pivotal role in securing its top position. The bank experienced a substantial double-digit growth of 24% in gross earnings, leading to an expanded market share in both the retail and corporate sectors. These achievements are particularly noteworthy considering the persistent challenges posed by the macroeconomic environment and various headwinds.
Expressing his thoughts on this significant accomplishment, Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, stated, “Maintaining our position as Nigeria’s number one bank in terms of Tier-1 Capital for the fourteenth consecutive year demonstrates our resilience as an institution, despite the challenging global economic conditions. This recognition also affirms our commitment to providing exceptional service and creating value for our esteemed customers.”
Dr. Onyeagwu extended his gratitude to Jim Ovia, the Founder and Chairman of Zenith Bank, for his foundational role in establishing the bank’s structure and guiding it towards continued success. He also acknowledged the vision and outstanding leadership of the Board, the unwavering commitment and dedication of the bank’s staff, and the loyal support of Zenith Bank’s customers.
It is worth noting that Tier-1 Capital is a crucial measure of a bank’s financial strength from a regulatory perspective. It represents the bank’s capital adequacy, as defined by the latest guidelines of the Bank for International Settlements (BIS). This measure includes loss-absorbing capital, such as common stock, disclosed reserves, retained earnings, and minority interests in partially-owned subsidiaries.
Furthermore, Zenith Bank recently joined the exclusive group of companies with a market capitalization exceeding one trillion Naira on the Nigerian Exchange (NGX). During the third week of June 2023, the bank’s market capitalization surpassed the N1 trillion mark as its share price appreciated by 3.23% to close at N32 per share. The bank’s market capitalization reached an impressive N1.004 trillion, solidifying its position as a significant player in the Nigerian market.
Zenith Bank’s consistent performance and unwavering commitment to excellence have undoubtedly contributed to its remarkable achievements and cemented its reputation as Nigeria’s leading bank in terms of Tier-1 Capital. With a solid foundation and a focus on delivering value to its customers, the bank is poised to continue its success in the dynamic banking landscape.