The Banker Magazine, in its July 2021 edition, ranked Zenith Bank Plc as the Number One Bank in Nigeria by Tier-1 Capital, in a global ranking that also ranked the Top 1000 Banks in the World in 2021.
With a Tier-1 Capital of $2.64 billion, which also saw Zenith ranked as the 454th bank, globally, and the only Nigerian bank in the top 500, the bank is retaining the number one position in this regard, for the third consecutive year in Nigeria.
The Banker Magazine, published by the Financial Times Group, United Kingdom, said the ranking was based on the 2020 year-end Tier-1 capital of banks globally.
Zenith’s financial performance for the year was underpinned by its eight per cent growth in non-interest income, with improved market share in both retail and corporate sectors, despite a very challenging macroeconomic environment said to have been worsened by the COVID-19 pandemic.
Group Managing Director/Chief Executive, Zenith Bank Plc, Ebenezer Onyeagwu, said, “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 expressed gratitude to the bank’s numerous customers for making Zenith their bank of choice.
Tier 1 capital describes capital adequacy, and it is a core measure of a bank’s financial strength from a regulator’s point of view.
From details in the ranking, Tier 1 Capital, as defined by the latest Bank for International Settlements guidelines, includes loss-absorbing capital, which includes common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries, where such companies are less than wholly owned.
