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Business News of Monday, 25 July 2022

Source: thenationonlineng.net

Zenith Bank ranks number one bank in Nigeria with $2.75b Tier-1 capital

Zenith Bank Plc Zenith Bank Plc

Zenith Bank Plc has been ranked as the Number One Bank in Nigeria with $2.75 billion Tier-1 Capital for the 13th year in a row.

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.

The bank retained its position as the number one Tier-1 bank in Nigeria and the 460th bank globally. The recognition was contained in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

Its 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.

Commenting on the 2022 Top 1000 World Banks Ranking, the Group Managing Director/CEO of Zenith Bank Plc, 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 bank, 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.

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 deûned 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.

The 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.

The bank also emerged 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.