• Thu. Feb 13th, 2025

Zenith Bank Retains Top Spot As Nigeria’s Number One Bank By Tier-1 Capital For Fifteen Consecutive Years

ByHybridNewsNg

Jul 22, 2024

For the fifteenth consecutive year, Zenith Bank Plc has been recognized as Nigeria’s leading bank by Tier-1 Capital in the 2024 Top 1000 World Banks’ Ranking, published by The Banker Magazine. This prestigious ranking places Zenith Bank at the 565th position globally, boasting a Tier-1 Capital of $2.01 billion, highlighting the bank’s continued financial strength and stability.

The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, are based on the 2023 year-end Tier-1 capital of banks worldwide. This metric is a core measure of a bank’s financial strength from a regulatory perspective and includes common stock, disclosed reserves, retained earnings, and minority interests in subsidiaries.

Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, expressed her pride in the achievement: “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 emphasizes our resilience and strength in navigating the ever-evolving financial landscape.”

Dr. Umeoji extended her gratitude to the bank’s Founder and Chairman, Dr. Jim Ovia, CFR, for his visionary leadership, as well as the board for their governance, the staff for their dedication, and the customers for their loyalty.

Zenith Bank’s financial performance in 2023 was marked by a 125% increase in gross earnings, rising from N945.6 billion in 2022 to N2.132 trillion. This growth was driven by increases in both interest and non-interest income, leading to an improved market share despite challenging macroeconomic conditions.

The bank recently initiated recapitalization efforts, aiming to raise N230 billion, bolstering its already strong capital base of N270.7 billion. This move underscores Zenith Bank’s commitment to supporting Nigeria’s economic growth and providing innovative banking solutions.

Zenith Bank’s consistent performance has earned it numerous accolades, including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in 2023. The bank has also received awards such as 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, among others.

The bank’s dedication to excellence is further evidenced by its recognition as the Best Bank in Nigeria for three consecutive years from 2020 to 2022 by Global Finance World’s Best Banks Awards and as the Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards for 2022 and 2023.

Zenith Bank’s remarkable achievements and strategic initiatives continue to solidify its position as a leader in Nigeria’s banking industry, reflecting its unwavering commitment to financial stability and customer satisfaction.

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