Zenith Bank has retained its position as the leading bank in Nigeria according to tier-1 capital in the 2023 Top 1000 World Bank’s Rankings. The Bank emerge 467th Bank Internationally while it maintain its position as the number one bank in Nigeria with a Tier Capital of $2.54 billion.
The Financial Times Group’s The Banker Magazine published its rankings of banks based on their 2022 year-end Tier-1 capital in the July 2023 edition. These rankings are the primary source for global bank financials and are used by most international organizations in their assessments of banks.
Zenith Bank’s financial performance for the year was strong, with gross earnings growing by an impressive 24%. This led to an improved market share in both the retail and corporate segments of the market.
Despite facing a difficult economic climate and global challenges, Zenith Bank has been ranked as the number one bank in Nigeria by tier-1 capital for the 14th consecutive year.
In a statement, the bank’s Group Managing Director/CEO, Dr. Ebenezer Onyeagwu, said the ranking is a testament to the bank’s resilience as an institution. He said Zenith Bank has been able to maintain its strong financial performance despite the challenges.
Dr. Onyeagwu attributed the bank’s success to its strong risk management framework, its focus on customer service, and its commitment to innovation. He said Zenith Bank will continue to invest in its people and technology in order to remain competitive in the global financial landscape.
Tier 1 capital is a measure of a bank’s financial strength, as defined by the Bank for International Settlements (BIS). It includes loss-absorbing capital, such as common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries.
Zenith Bank recently joined the exclusive group of Nigerian stocks worth over one trillion naira. Its market capitalization on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023. This followed an appreciation of its share price by 3.23% to close at N32 per share. As a result, its market capitalization rose above one trillion naira to close at N1.004 trillion.
Meanwhile, Zenith Bank has a long history of outstanding performance, which has earned it numerous awards. These include: Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards in 2020 and 2022. Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards.
Also, Best Commercial Bank, Nigeria in 2021 and 2022 in the World Finance Banking Awards. Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards in 2022, among other awards.
These awards are a testament to Zenith Bank’s commitment to excellence and its dedication to providing its customers with the best possible banking experience.