Zenith Bank has once again secured its position as the leading bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks' Rankings, according to The Banker Magazine. This marks the fourteenth consecutive year that Zenith Bank has maintained its status as the top Tier-1 bank in the country, ranking 467th globally with a Tier-1 Capital of $2.54 billion.
Ebenezer Onyeagwu, the group managing director/CEO of Zenith Bank plc, expressed his thoughts on the achievement, stating, "Being recognized as the number one bank in Nigeria by Tier-1 Capital for the fourteenth year in a row is a testament to our resilience as an institution, despite a challenging macroeconomic environment and global headwinds." Onyeagwu further emphasized the bank's commitment to delivering exceptional service and value creation for their esteemed customers.
Onyeagwu extended his appreciation to Jim Ovia, the founder and chairman of Zenith Bank plc, for his foundational role in establishing the bank's structures and guiding its ongoing success. He also acknowledged the board for their visionary leadership, the staff for their unwavering dedication, and the customers for their loyal support of the Zenith brand.
The rankings, featured in the July 2023 edition of The Banker Magazine, were based on the Tier-1 capital of banks worldwide as of the end of 2022. These rankings serve as a key reference for global bank financials and are widely used by international organizations in their assessments of banks.
Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, encompasses various forms of capital that contribute to a bank's financial strength, including common stock, disclosed reserves, retained earnings, and minority interests in subsidiary equity.
Zenith Bank's strong financial performance in the previous year was driven by an impressive 24% growth in gross earnings, resulting in an expanded market share across both the retail and corporate segments. This achievement is particularly noteworthy considering the persistently challenging macroeconomic environment and headwinds faced by the banking industry.
In June 2023, Zenith Bank joined the prestigious group of stocks with a market capitalization exceeding one trillion naira on the Nigerian Exchange (NGX). The bank's market capitalization surpassed the trillion-naira mark, closing at N1.004 trillion, following a 3.23% increase in its share price to N32 per share.
Zenith Bank's consistent track record of excellence has earned it numerous accolades, including the Bank of the Year (Nigeria) award in The Banker's Bank of the Year Awards for 2020 and 2022. It has also been recognized as the Best Bank in Nigeria for three consecutive years (2020-2022) in the Global Finance World's Best Banks Awards and received the title of Best Commercial Bank in Nigeria for 2021 and 2022 in the World Finance Banking Awards.
