Startrend International Magazine For Your Latest News And Entertainment Gists
LAGOS – Zenith Bank Plc has achieved a remarkable feat by retaining its position as the Number One Bank in Nigeria based on Tier-1 Capital, according to the 2023 Top 1000 World Banks’ Rankings published by The Banker Magazine.
This marks the fourteenth consecutive year that the bank has held this top spot in Nigeria, securing its position as the 467th bank globally with a Tier-1 Capital of $2.54 billion.
The rankings, published in The Banker Magazine’s July 2023 edition, are based on the banks’ Tier-1 capital at the end of 2022, making them a reliable source for assessing global bank financials by international organizations.
Zenith Bank’s financial performance in 2022 was impressive, with a double-digit growth of 24% in gross earnings, leading to an enhanced market share in both the retail and corporate segments, despite the challenging macroeconomic environment and headwinds.
Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, expressed his gratitude for the bank’s resilience and commitment to providing best-in-class service, which contributed to its sustained success.
He also acknowledged the foundational role of the bank’s Founder and Chairman, Jim Ovia, CFR, the vision and outstanding leadership of the Board, the dedication of the staff, and the unwavering support of the bank’s esteemed customers.
Tier 1 Capital represents a bank’s capital adequacy, indicating its financial strength from a regulator’s perspective. It includes loss-absorbing capital, such as common stock, disclosed reserves, retained earnings, and minority interests in less-than-wholly-owned subsidiaries, according to the latest Bank for International Settlements (BIS) guidelines.
In addition to its Tier-1 Capital achievement, Zenith Bank became one of the exclusive group of stocks worth over one trillion on the Nigerian Exchange (NGX) as its market capitalization crossed the N1 trillion mark in June 2023.
Zenith Bank’s exceptional performance has earned it numerous prestigious awards, including 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, and Best Commercial Bank, Nigeria, in 2021 and 2022 in the World Finance Banking Awards, among others.
With its continued commitment to excellence, Zenith Bank remains a leading force in Nigeria’s banking sector and a trailblazer in the global financial landscape.
