Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine. For the thirteenth consecutive year, the Bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 Capital of $2.75 billion, emerging as the 460th Bank globally.
The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of banks globally. Zenith Bank's financial performance for the year was underpinned by double-digit growth of 10% in gross earnings, with an improved market share in both retail and corporate sectors despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.
Commenting on the 2022
Top 1000 World Banks Ranking, the Group Managing Director/CEO of Zenith Bank
Plc, Mr. Ebenezer Onyeagwu, said: "This ranking is a testament to our
resilience and doggedness as an institution despite economic headwinds and a
persistent challenging macroeconomic environment. Indeed, being ranked as the
Number One Bank in Nigeria by Tier-1 Capital for the thirteenth year in a row
underscores our commitment to sustaining the superior performance we are
renowned for and creating value for our highly esteemed customers.”
He
expressed his appreciation to the Founder and Chairman of Zenith Bank Plc, Jim
Ovia, CON, for his guidance and
for laying the foundation and building the structures of an enduring and very
successful institution; the Board for the outstanding leadership they provide;
the staff, whose drive and commitment sustains the exceptional performance; and
the Bank’s customers for their unflinching loyalty to the Zenith brand.
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 deļ¬ned by the latest Bank for International Settlements (BIS)
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.
Zenith Bank's track
record of excellent performance has continued to earn the brand numerous
awards, with this latest accolade coming on the heels of several recognitions,
including being recognised as the Best Bank in Nigeria for three consecutive
years from 2020 to 2022, in the Global Finance World's Best Banks Awards; Best
Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards;
Best Corporate Governance Bank, Nigeria in the World Finance Corporate
Governance Awards 2022; Best in Corporate Governance 'Financial Services'
Africa, for three consecutive years from 2020 to 2022, by the Ethical
Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking,
Nigeria in the International Banker 2022 Banking Awards; and Bank of the Year
(Nigeria) in The Banker's Bank of the Year Awards 2020. Also, the Bank emerged as
the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500
Banking Brands 2020 and 2021, and the Retail Bank of the year at the
BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank
was honoured as Bank of the Decade (People's Choice) at the ThisDay Awards 2020
and emerged winner in four categories at the Sustainability, Enterprise, and
Responsibility (SERAS) Awards 2021, carting home the awards for "Best
Company in Reporting and Transparency", "Best Company in
Infrastructure Development", "Best Company in Gender Equality and
Women Empowerment", and the coveted "Most Responsible Organisation in
Africa.
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