By Modupe Gbadeyanka
The Banker Magazine has ranked Zenith Bank Plc as the number one tier-1 bank in Nigeria, maintaining the position for the 13th straight year.
In its 2022 Top 1000 World Banks Ranking, the journal said Zenith Bank boasts 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.
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 (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 financial performance for the year was underpinned by double-digit growth of 10 per cent 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.
Reacting to the development, the Group Managing Director/CEO of Zenith Bank, 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 13th 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 added.
The banker expressed his appreciation to the founder and Chairman of Zenith Bank, Mr Jim Ovia, 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.
