In the recently published 2023 Top 1000 World Banks’ Rankings by The Banker Magazine, Zenith Bank Plc has maintained its position as the number one bank in Nigeria by tier-1 capital. This marks the fourteenth consecutive year that the bank has held this prestigious title, solidifying its reputation as a leading financial institution in the country. Globally, Zenith Bank secured the 467th position with a Tier-1 Capital of $2.54 billion.
The rankings, featured in the July 2023 edition of The Banker Magazine, a publication of the Financial Times Group in the United Kingdom, were based on the Tier-1 capital of banks worldwide as of the end of 2022. The rankings serve as a vital resource for global bank financials and are relied upon by international organizations for their assessments of banks.
Zenith Bank’s exceptional financial performance in the past year contributed to its top-ranking position. The bank achieved an impressive double-digit growth of 24% in gross earnings, resulting in an increased market share in both the retail and corporate segments. These achievements are particularly notable considering the challenging macroeconomic environment and headwinds faced by the banking industry.
Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, expressed his satisfaction with the bank’s ranking and highlighted the institution’s resilience despite the challenging economic landscape. He attributed the success to the bank’s commitment to providing best-in-class service and creating value for its esteemed customers. Dr. Onyeagwu expressed gratitude to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his foundational role in building the institution and setting it on the path to continuous success. He also acknowledged the vision and outstanding leadership of the Board, the unwavering commitment of the staff, and the loyal support of the bank’s customers.
Tier-1 capital is a key measure of a bank’s financial strength from a regulator’s perspective. It encompasses capital adequacy and includes components such as common stock, disclosed reserves, retained earnings, and minority interests in subsidiaries that are less than wholly owned, according to the latest Bank for International Settlements (BIS) guidelines.
In addition to its ranking in the Top 1000 World Banks’ list, Zenith Bank recently joined the exclusive group of Nigerian stocks with a market capitalization exceeding one trillion Naira. Its market capitalization surpassed the trillion Naira mark in June 2023, following a 3.23% increase in its share price to N32 per share, closing at N1.004 trillion.
Zenith Bank’s outstanding performance has earned it numerous accolades, including Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards in 2020 and 2022. It has also been recognized as the Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards. Other accolades include 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, and Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards.
Furthermore, Zenith Bank has been honored with titles such as Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Retail Bank of the Year from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Bank of the Decade (People’s Choice) at the THISDAY Awards 2020, and Bank of the Year
