In the 2023 top 1,000 world banks list released by The Banker Magazine, Zenith Bank Plc has maintained its position as the “Number One Bank in Nigeria by Tier-1 Capital.”
For the fourteenth year in a row, the bank had maintained its position as the top Tier-1 bank in Nigeria, moving up to the 467th bank worldwide with a Tier-1 capital of $2.54 billion.
According to the statement, the rankings, which were released in the July 2023 issue of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the Tier-1 capital of banks throughout the world as of the year’s end in 2022.
The report noted that “the rankings continue to be the main source for global bank financials and are used by most international organizations in their assessments of banks.”
A 24 percent increase in gross earnings over the prior year helped Zenith Bank’s financial performance, which in turn helped the bank gain market share in both the retail and corporate sectors of the market.
Zenith Bank Plc’s Group Managing Director and Chief Executive Officer, Dr. Ebenezer Onyeagwu, commented on the ranking, saying: “Being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds.”
He expressed gratitude to the founder and chairman of Zenith Bank Plc, Jim Ovia, for his fundamental work in erecting the foundation and putting the organization on the path to ongoing success. He also thanked the board for its leadership and vision, the staff for their unwavering commitment, and the bank’s clients for their unwavering loyalty to the Zenith brand.
According to the ranking, Tier 1 Capital includes loss-absorbing capital, such as common stock, reported reserves, retained earnings, and minority holdings in the equity of subsidiaries that are not entirely owned. This definition is in conformity with the most recent Bank for International Settlements criteria.
In the third week of June 2023, Zenith Bank’s market capitalization on the Nigerian Exchange passed the N1 trillion threshold, making it one of the most recent corporations to join the select club of equities valued at over one trillion.
According to the announcement, this came after the company’s share price increased by 3.23% to settle at N32 per share, pushing its market capitalization past $1 trillion to close at N1.004 trillion.
