BusinessDay
NigeriaDecides2023

Zenith named number one Tier-1 bank for 13th straight year

Zenith Bank Plc has been ranked as the number one bank in Nigeria by Tier-1 capital in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

For the 13th consecutive year, the bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 capital of $2.75 billion, emerging as the 460th bank globally, according to a statement.

The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of banks globally.

The statement said Zenith Bank’s financial performance for the year was underpinned by double-digit growth of 10 percent in gross earnings, with an improved market share in both retail and corporate sectors, despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.

Ebenezer Onyeagwu, group managing director/CEO of Zenith Bank, said: “This ranking is a testament to our resilience and doggedness as an institution despite economic headwinds and a persistent challenging macroeconomic environment.

“Indeed, being ranked as the number one bank in Nigeria by Tier-1 capital for the 13th year in a row underscores our commitment to sustaining the superior performance we are renowned for and creating value for our highly esteemed customers.”

Read also: Zenith Bank grows Q1 gross earnings by 22%

He expressed his appreciation to Jim Ovia, founder and chairman of Zenith Bank, “for his guidance and for laying the foundation and building the structures of an enduring and very successful institution; the board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the exceptional performance; and the bank’s customers for their unflinching loyalty to the Zenith brand.”

Tier 1 capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 capital, as defined by the latest Bank for International Settlements guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

According to the statement, Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with this latest accolade coming on the heels of several recognitions, including being recognised as the ‘Best Bank in Nigeria’ for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; ‘Best Commercial Bank, Nigeria’ 2021 and 2022 in the World Finance Banking Awards; ‘Best Corporate Governance Bank, Nigeria’ in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance Financial Services Africa’, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; among others.

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