Zenith Bank Maintains No 1 Spot Among Nigeria’s Top-tier Banks
For the third consecutive year, the bank retained its position as the number one Top-tier bank in Nigeria with a Capital of $2.64 billion, Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, 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, UK 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 worsened by the COVID-19 pandemic.
Mr. Ebenezer Onyeagwu, the group managing director while speaking on the ranking said that the ranking is a demonstration of resilience and doggedness as an institution, given the very challenging macroeconomic environment brought about by the pandemic, which had a significant 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 topnotch technology”.
He also expressed his appreciation 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 stated by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, that is, common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries.
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