Zenith Bank Plc Secures Top Spot in The Banker Magazine's Top 1000 World Banks' Rankings for Tier 1 Capital

Consistent Dominance in Nigeria and Global Recognition

For an astounding 14th consecutive year, Zenith Bank has maintained its stronghold as Nigeria's number one Tier-1 bank, reinforcing its reputation as a reliable and formidable financial institution. The bank's remarkable performance has also earned it a respectable global ranking of 467th among banks worldwide.

The rankings, published in the July 2023 edition of The Banker Magazine, are regarded as the primary source for evaluating global bank financials and are widely utilized by international organizations for their assessments of financial institutions. These esteemed rankings are based on the year-end 2022 Tier-1 capital figures of banks across the globe.

Zenith Bank's exceptional financial performance in the past year can be attributed to its robust growth in gross earnings, which experienced an impressive double-digit increase of 24 percent. Despite navigating through a persistently challenging macroeconomic landscape and facing various headwinds, the bank has managed to strengthen its market share in both the retail and corporate segments.

Leadership Praises Resilient Culture and Customer-centric Approach

Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, expressed his delight at the bank's continued recognition as Nigeria's premier financial institution in terms of Tier-1 Capital. He highlighted the bank's resilience in the face of economic challenges and global uncertainties. Dr. Onyeagwu further acknowledged the bank's commitment to delivering exceptional service and creating value for its esteemed customers.

Furthermore, he commended the Founder and Chairman of Zenith Bank Plc, Jim Ovia, for his instrumental role in laying the foundation and establishing the bank on a path of sustained success. Dr. Onyeagwu also lauded the Board for their visionary leadership, the dedicated staff members for their unwavering commitment, and the loyal customers for their steadfast support of the Zenith brand.

Unveiling the Significance of Tier 1 Capital

Tier 1 Capital serves as a crucial indicator of a bank's financial strength, as recognized by regulatory authorities. The ranking assesses banks based on Tier 1 Capital, which adheres to the latest guidelines provided by the Bank for International Settlements (BIS). This form of capital encompasses loss-absorbing components such as common stock, disclosed reserves, retained earnings, and minority interests in partially owned subsidiaries.

Zenith Bank recently achieved a momentous feat by joining the exclusive group of companies with market capitalization exceeding one trillion Naira. During the third week of June 2023, the bank's market capitalization on the Nigerian Exchange (NGX) surpassed the N1 trillion mark. This milestone was made possible by a 3.23 percent increase in the bank's share price, reaching N32 per share, which resulted in a closing market capitalization of N1.004 trillion.

Zenith Bank's consistent ranking as Nigeria's number one bank in terms of Tier-1 Capital, coupled with its global recognition, is a testament to the bank's resilience, exceptional service, and commitment to value creation. Despite operating in a challenging macroeconomic environment, Zenith Bank continues to thrive, further solidifying its position as a financial powerhouse in Nigeria and beyond.