Zenith Bank maintains its top-tier bank status.
In the 2021 Top 1000 World Banks’ Ranking published by The Banker Magazine, a division of the Financial Times Group of the United Kingdom, Zenith Bank Plc was ranked as the number one bank in Nigeria by tier-1 capital.
For the third year in a row, the bank was named Nigeria’s top tier-1 bank, with a tier-1 capital of $2.64 billion.
It did, however, rank 454th in the world, making it the only Nigerian bank to make the top 500.
The bank said in a statement yesterday that the rating, which will be published in the magazine’s July 2021 issue, is based on banks’ global tier-1 capital at the end of the 2020 year.
Despite a hard macroeconomic environment aggravated by the COVID-19 epidemic, Zenith Bank’s financial performance for the year was bolstered by an 8% increase in non-interest revenue, as well as improved market share in both the retail and corporate sectors.
Tier-1 capital refers to a bank’s capital adequacy, and it is the regulator’s primary indicator of the bank’s financial strength.
Tier 1 capital, as defined by the latest Bank for International Settlements (BIS) criteria, contains loss-absorbing capital, which includes common stock, reported reserves, retained earnings, and minority interests in the equity of subsidiaries that are not entirely owned, according to 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,” said Mr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive.
“It’s also a statement of our commitment to delighting and adding value to our customers through a diverse range of exceptional product offerings, world-class service, and cutting-edge technology.”
He expressed gratitude to Zenith Bank’s clients for choosing the bank.
This award was the most recent in a long list of honors and awards that the bank has received in recent years for its outstanding performance and dedication to global best practices.
In The Banker’s Bank of the Year Awards 2020, Zenith Bank was named Bank of the Year (Nigeria) and Best Bank in Nigeria in the Global Finance Awards. The Ethical Boardroom awarded the World’s Best Banks Awards in 2020 and 2021, as well as Best Corporate Governance ‘Financial Services’ Africa in 2020 and 2021.
The bank was also named the Most Valuable Banking Brand in Nigeria in Banker Magazine’s Top 500 Banking Brands for 2020 and 2021, as well as the Number One Bank in Nigeria by Tier-1 Capital in The Banker Magazine’s “2020 Top 1000 World Banks” ranking.
The bank was also named Bank of the Decade (People’s Choice) at the THISDAY Awards 2020, Retail Bank of the Year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020, 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.
By Olutayo Olusanya