ZENITH BANK RETAINS POSITION AS NIGERIA’S NUMBER ONE TIER-1 BANK2 min read
Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine. For the third consecutive year, the bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 Capital of $2.64 billion, emerging as the 454th bank globally and the only Nigerian bank in the top 500.
The ranking, which was published in the July 2021 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2020 year-end Tier-1 capital of banks globally. Zenith Bank’s financial performance for the year was underpinned by an 8% growth in non-interest income, with an improved market share in both retail and corporate sectors despite a very challenging macroeconomic environment exacerbated by the COVID-19 pandemic.
Speaking on the ranking, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “This ranking is a demonstration of our resilience and doggedness as an institution given the very challenging macroeconomic environment brought about by the Coronavirus (COVID-19) pandemic, which had a significant deleterious impact on businesses globally. It is also an affirmation of our commitment to delighting and creating value for our customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”. He also expressed thanks to the bank’s numerous customers for making Zenith their bank of choice.
Tier 1 capital describes capital adequacy, and it 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 (BIS) 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.
This award is the latest amongst several awards and recognitions that the bank has received in recent times for its track record of excellent performance and commitment to global best practices. Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking by The Banker Magazine. The bank was also recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.