Zenith Bank Plc has once again secured its position as the top-ranked bank in Nigeria based on Tier-1 Capital, according to the 2023 Top 1000 World Banks’ Rankings published by The Banker Magazine.
For the fourteenth consecutive year, Zenith Bank retains its status as Nigeria’s leading Tier-1 bank and is recognized globally as the 467th bank with a Tier-1 Capital of $2.54 billion.
The rankings, featured in the July 2023 edition of The Banker Magazine, which is part of the Financial Times Group in the United Kingdom, were based on the 2022 year-end Tier-1 capital of banks worldwide. These rankings serve as the primary reference for global bank financials and are widely used by international organizations for bank assessments.
Despite facing a persistently challenging macroeconomic environment and headwinds, Zenith Bank achieved an impressive 24% growth in gross earnings, bolstering its financial performance and expanding its market share in both the retail and corporate segments.
Commenting on the ranking, the Group Managing Director/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.”
Acknowledging the bank’s accomplishments, the CEO expressed gratitude to Jim Ovia, CFR, the Founder and Chairman of Zenith Bank, for his pivotal role in establishing the bank’s foundation for continued success. He also commended the board for their exceptional leadership, the staff for their unwavering commitment, and the customers for their unwavering loyalty to the Zenith brand.
Tier 1 Capital represents a measure of a bank’s financial strength in terms of capital adequacy from a regulatory perspective. As per the latest Bank for International Settlements (BIS) guidelines, Tier 1 Capital encompasses loss-absorbing capital, including common stock, disclosed reserves, retained earnings, and minority interests in partially owned subsidiaries.
In another notable achievement, Zenith Bank joined the prestigious group of companies with a market capitalization exceeding one trillion naira on the Nigerian Exchange (NGX) in June 2023. The bank’s market capitalization surpassed the one trillion mark, closing at N1.004 trillion, following a 3.23% increase in its share price to N32 per share.
Zenith Bank’s consistent record of excellence has garnered numerous accolades, including Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022, Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards, and Best Commercial Bank in Nigeria 2021 and 2022 in the World Finance Banking Awards, among others.
Additionally, Zenith Bank has been recognized as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and as Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The bank has also received accolades for its corporate governance practices, sustainability efforts, and innovative retail banking solutions.
Furthermore, Zenith Bank has been honored with titles such as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organization in Africa 2021 by SERAS Awards.
