Zenith Bank Plc, a leading financial institution in Nigeria, has maintained its position as the top bank in Nigeria by Tier-1 Capital in the prestigious 2023 Top 1000 World Banks’ Rankings published by The Banker Magazine. This marks the fourteenth consecutive year that Zenith Bank has secured the number one spot in the Tier-1 bank category in Nigeria, solidifying its position as a major player in the global banking industry. The bank was ranked 467th globally with a Tier-1 Capital of $2.54 billion.
The rankings, which are highly regarded in the banking industry, were based on the year-end 2022 Tier-1 capital of banks worldwide. They serve as a primary source for assessing global bank financials and are widely used by international organizations for their evaluations.
Zenith Bank’s impressive financial performance in 2022 contributed to its top ranking. The bank achieved a remarkable double-digit growth of 24% in gross earnings, which resulted in an expanded market share in both the retail and corporate segments. This success is particularly noteworthy considering the challenging macroeconomic environment and global headwinds that persisted throughout the year.
Expressing his delight at the bank’s achievement, Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, attributed the consistent recognition to the institution’s resilience, commitment to exceptional service, and value creation for customers. He also expressed gratitude to the bank’s Founder and Chairman, Jim Ovia, the Board, the dedicated staff, and the loyal customers for their integral roles in the bank’s continued success.
Tier-1 Capital serves as a measure of a bank’s financial strength from a regulatory perspective, focusing on capital adequacy. The latest Bank for International Settlements (BIS) guidelines define Tier-1 Capital as including common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.
In addition to the World Banks’ Rankings, Zenith Bank recently joined the exclusive group of stocks valued over one trillion Naira on the Nigerian Exchange (NGX). The bank’s market capitalization surpassed the trillion Naira mark in June 2023, reaching a closing value of N1.004 trillion.
Zenith Bank’s consistent excellence has garnered numerous accolades over the years, further solidifying its reputation as a leading financial institution. The bank has been recognized as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards and has received multiple awards for Best Bank in Nigeria, Best Commercial Bank in Nigeria, and Best Corporate Governance Bank in Nigeria, among others. These accolades reflect Zenith Bank’s commitment to delivering exceptional banking services and driving sustainable growth.
Furthermore, Zenith Bank has been honored as the Most Valuable Banking Brand in Nigeria, the Retail Bank of the Year, and the Most Responsible Organization in Africa, among other prestigious recognitions.
With its continued focus on innovation, customer satisfaction, and responsible banking practices, Zenith Bank remains at the forefront of the Nigerian banking industry, setting a benchmark for excellence and inspiring other financial institutions to strive for similar achievements.