Global Rankings: Zenith Bank Plc Leads in Nigeria for the 14th Time

The Banker Magazine, which is known as a credible source of ranking banks globally in its 2023 top 1000 world banks ranking, shows that Zenith Bank Plc still retained its lead as the ‘Number One Bank in Nigeria by Tier-1 Capital.’ This is coming shortly after Zenith Bank Plc recently joined SWOOTs making it the first financial institution in Nigeria to grow to N1tn market capitalization.

Zenith Bank has held this position as the number one Tier-1 bank in Nigeria for the fourteenth year in a row. The bank is currently ranked as the 467th bank globally with a Tier-1 capital of $2.54bn.

According to reports, the ranking by The Banker Magazine of the Financial Times Group, United Kingdom which was published in the July 2023 edition and was based on the records of the 2022 year-end Tier-1 market capital of banks worldwide.

Statement: “The rankings continue to be the primary source for global bank financials and are used by most international organizations in their assessments of banks,” it stated.

Zenith Bank's overall financial performance in 2022 was calculated based on the 24% in gross earnings, which improved the bank's market share in both corporate and retail segments in the market. It was also surprising despite the volatility in stocks and the inflation that affected the economy in 2022, the bank was able to attain such a height.

Also, commenting on the achievement, the Group Managing Director/Chief Executive Officer, of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said,

“Being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds.

“It is also an affirmation of our best-in-class service and commitment to value creation for our highly esteemed customers.”

Dr Ebenezer Onyeagwu also gave special thanks to Jim Ovia the Founder and Chairman of Zenith Bank Plc for his strong role in setting structures and building the institution towards the track of success. He also thanked the board of directors for their insight, contribution, and different plays of leadership in moving the bank to a greater height. After this, he thanked the staff for their commitment and dedication. Lastly, he thanked the bank customers for choosing the bank and for their loyalty which has contributed to the bank's growth.

The Banker Magazine also gave insight into its July 2023 edition below.

‘Tier 1 Capital describes capital adequacy, which 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 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.”

It was in the third week of June 2023 when Zenith Bank crossed its N1trn to place the bank as the first bank in Nigeria to join SWOOTs. This followed after its share price of 3.23% appreciated to close at N32 per share giving Zenith Bank Plc a market capitalization of N1.004tn at close day.