Zenith Bank Plc Maintains Top Position as Nigeria’s Number One Bank by Tier-1 Capital For Fifteen Years
Leading multinational financial service provider in Nigeria, Zenith Bank, has for the fifteenth consecutive year retained its position as the number one bank in Nigeria by Tier-1 Capital, according to the 2024 Top 1000 World Banks’ Rankings published by The Banker Magazine.
This prestigious ranking places Zenith Bank Plc as the 565th bank globally, with a Tier-1 Capital of $2.01 billion. The rankings, featured in the July 2024 edition of The Banker Magazine of the Financial Times Group, UK, underscore Zenith Bank’s enduring financial strength and stability.
The rankings are based on the year-end 2023 Tier-1 capital of banks worldwide and serve as the primary reference for global bank financials, utilized by most international organizations in their assessments.
The magazine stated that Tier-1 capital, as defined by the latest Bank for International Settlements guidelines, included 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.
The Group Managing Director/CEO of Zenith Bank Plc, Dr. Adaora Umeoji, called the ranking “a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction”.
In her words,
“We are deeply honored to be recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasizes 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.”
She further extended a heartfelt appreciation to the bank’s founder and chairman, Dr Jim Ovia, and its board for supporting the management.
Zenith Bank’s financial performance for the year was driven by an extraordinary triple-digit growth of 125% in gross earnings, rising from N945.6 billion in 2022 to N2.132 trillion in 2023. This impressive growth bolstered its market share in both the retail and corporate segments, despite ongoing macroeconomic challenges.
The surge in gross earnings was largely due to the growth in interest and non-interest income. Interest income growth resulted from the increase in the size of risk assets and their effective repricing, while non-interest income was propelled by significant trading gains and gains from the revaluation of foreign currencies.
