In the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine, Zenith Bank Plc has maintained its rank as the Top Bank in Nigeria by Tier-1 Capital for the fifteenth year running. With a Tier-1 Capital of $2.01 billion, Zenith Bank Plc is ranked as the 565th Bank in the world.
The ratings acknowledge Zenith Bank’s ongoing stability and strength in the financial sector and were released in the July 2024 issue of The Banker Magazine, a publication of the Financial Times Group, in the United Kingdom.
These continue to be the principal source of global bank financials used by the majority of international bodies in their evaluations of banks. They are based on the Tier-1 capital of banks worldwide as of the end of 2023. The primary indicator of a bank’s financial health from the regulator’s point of view is capital sufficiency, which is described in Tier-1 Capital.
A strong Tier-1 capital ratio increases investor and depositor confidence and indicates that the bank is well-capitalized and financially stable.
Continuing, the ranking states that Tier-1 Capital, as defined by the most recent guidelines of the Bank for International Settlements (BIS), 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.
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Dame (Dr.) Adaora Umeoji, the Group Managing Director and CEO of Zenith Bank Plc, commented on the accomplishment, saying: “We are deeply honoured to be recognised 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 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.”
The Founder and Chairman, Dr. Jim Ovia, was praised by her for his visionary and transformative leadership, which she said was essential to building a strong and successful organisation.
The banking and finance news reports that despite a continuously difficult macroeconomic climate, Zenith Bank’s financial success for the year was led by a stunning triple-digit gain of 125% in gross earnings, from N945.6 billion reported in 2022 to an improved market share in both the retail and corporate categories.
