Zenith Bank awarded Nigeria’s topmost bank for 15th year

Zenith Bank Plc has been awarded one bank in Nigeria by capital for the 15th consecutive year.

This was announced in the 2024 Top 1000 World Banks’ Rankings published by The Banker Magazine.

In a statement, the lender said the ranking places Zenith Bank at 565th position globally with a robust Tier-1 capital of $2.01 billion.

“This matrix was based on the 2023 year-end Tier-1 capital of banks globally and remains the primary source for global bank financials used by most international organisations in their assessments of banks,” the bank said.

According to the ranking, Tier-1 capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital (common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned).

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It added, “A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the bank is well-capitalised and financially stable.”

Commenting on this achievement, Adaora Umeoji, group managing director/CEO, expressed her delight at the bank’s continued dominance.

She said, “This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.”