Zenith Bank Plc has been named the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks’ Rankings by The Banker Magazine.
Zenith Bank is ranked 565th globally with a Tier-1 Capital of $2.01 billion. This recognition, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, underscores the bank’s financial strength and stability. The rankings are based on the 2023 year-end Tier-1 capital of banks worldwide and serve as a primary source for global bank financials used by many international organizations in their assessments of banks.
Tier-1 Capital represents a bank’s core financial strength from a regulatory perspective. According to the latest guidelines from the Bank for International Settlements (BIS), Tier-1 Capital includes loss-absorbing capital such as common stock, disclosed reserves, retained earnings, and minority interests in subsidiaries’ equity. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating that the bank is well-capitalized and financially stable.
Commenting on the achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, stated, “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 expressed gratitude to the Founder and Chairman, Dr. Jim Ovia, CFR, for his visionary and transformative leadership, as well as the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers.
Zenith Bank’s financial performance for the year was driven by a remarkable 125% growth in gross earnings, from N945.6 billion in 2022 to N2.132 trillion in 2023. This growth enhanced market share in both retail and corporate segments despite a challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.
Zenith Bank recently began recapitalization efforts, concluding its Capital Markets Day on July 11, 2024. The bank aims to raise N230 billion, maintaining a robust capital base of N270.7 billion. Zenith Bank remains committed to supporting the growth of the Nigerian economy and providing its customers with innovative and efficient banking solutions.
Zenith Bank’s consistent excellent performance has earned it numerous awards, including being named the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking by The Banker Magazine. The bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022, and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.
