Zenith Bank Maintains The Number One Position In Nigeria
Zenith Bank maintains the number one position In Nigeria. it emerged as the 454th bank globally and the only Nigerian bank in the top 500 banks of the world.
Zenith Bank Plc has once again 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 year in a row, the bank has maintained 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.
According to 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 per cent growth in non-interest income, with an improved market share in both retail and corporate sectors despite a very challenging macroeconomic environment affected by the COVID-19 pandemic.
Mr Ebenezer Onyeagwu, the bank’s group managing director/chief executive, had this to say about the ranking: “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 his profound gratitude to the bank’s numerous customers for making Zenith their bank of choice.
Tier-1 capital describes capital adequacy, and it is the core measurement of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier-1 Capital, as explained by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, maintained 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 also gotten in recent times for its track record of excellent performance and commitment to global best practice
Zenith Bank was voted as Bank of the Year (Nigeria) in the Bankers’ 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.
In addition, 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.
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