Zenith Bank Plc has once again solidified its position as Nigeria’s leading bank in terms of Tier-1 Capital, maintaining the top spot for the fourteenth consecutive year, according to the prestigious 2023 Top 1000 World Banks’ Rankings by The Banker Magazine.
The rankings, widely regarded as the benchmark for global bank financials, are based on the 2022 year-end Tier-1 capital of banks worldwide.
With a Tier-1 Capital of $2.54 billion, Zenith Bank secured the 467th position globally. This remarkable achievement highlights the bank’s unwavering resilience in the face of a challenging macroeconomic climate and global headwinds.
Dr Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, reacting to the ranking 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.”
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Dr Onyeagwu further thanked the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his foundational role in building the structures and setting the institution on the path to continued success; the Board for their vision and outstanding leadership; the staff for their unwavering commitment and dedication; and the Bank’s customers for their unflinching loyal support of the Zenith brand.
Tier-1 Capital, a key measure of a bank’s financial strength from a regulatory standpoint, encompasses loss-absorbing capital, including common stock, disclosed reserves, retained earnings, and minority interests in partially owned subsidiaries, as defined by the Bank for International Settlements (BIS) guidelines.
In addition to its outstanding financial performance, Zenith Bank recently joined the exclusive group of companies with a market capitalization exceeding one trillion naira on the Nigerian Exchange (NGX). In June 2023, the bank’s share price rose by 3.23% to reach N32 per share, pushing its market capitalization to N1.004 trillion.
Zenith Bank’s exceptional track record has garnered numerous accolades, including Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022. The bank has also been recognized as the Best Bank in Nigeria for three consecutive years (2020-2022) in the Global Finance World’s Best Banks Awards, Best Commercial Bank in Nigeria (2021-2022) in the World Finance Banking Awards, and Best Corporate Governance Bank in Nigeria in the World Finance Corporate Governance Awards 2022.
Furthermore, Zenith Bank has been named the Most Sustainable Bank in Nigeria in the International Banker 2023 Banking Awards, and it received honors for Best Innovation in Retail Banking, Nigeria, and Best Commercial Bank, Nigeria in the International Banker 2022 Banking Awards. The bank’s exceptional performance extends to being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, as well as Retail Bank of the Year for three consecutive years (2020-2022) at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Notably, Zenith Bank received prestigious 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.