Good news: Nigerian bank competes with world’s strongest, see position

• Zenith Bank Plc maintained its position as the top bank in terms of Tier-1 capital based on the new 2024 rankings
• The bank got the 565th position on the Banker Magazine's 2024 Top 1000 World Banks' Rankings for the fifteenth consecutive year
• The UK newspaper claims that Zenith Bank's grade is a result of its continued strength and stability in the banking industry

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Zenith Bank Plc has continued to lead the way in terms of Tier-1 capital in The Banker Magazine's 2024 Top 1000 World Banks' Rankings for the fifteenth consecutive year.

Zenith Bank Plc sees the ranking as confirmation of the bank's strategy emphasis on customer satisfaction, innovation, and long-term growth. Photo Credit: Zenith Bank
Source: UGC

As stated in Banker Magazine's July 2024 report Zenith Bank Plc, with $2.01 billion in Tier-1 capital, is the 565th bank in the world.

According to the UK-based newspaper, Zenith Bank's rating stems from its ongoing stability and strength in the financial sector.

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The report stated that Zenith Bank's rating reflected increases in investor and depositor confidence as well as well-capitalized and stable financial standing.

Tier -1 criteria met

According to the magazine, loss-absorbing capital, which includes common stock, reported reserves, retained earnings, and minority stakes in the equity of subsidiaries that are not entirely owned, is included in Tier-1 capital as per the most recent rules from the Bank for International Settlements.

Dr. Adaora Umeoji, the Group Managing Director and CEO of Zenith Bank Plc, regarded the rating as evidence of the bank's strategic focus on client happiness, innovation, and sustainable growth.

She said that the committed personnel at Zenith Bank have remained unwavering in their efforts to keep the bank at the forefront of the banking sector.

She expressed gratitude to the bank's board and founder, Dr. Jim Ovia, for their support of the management.

The general manager of Zenith Bank expressed gratitude to the employees for their commitment and steadfast support of the company's brand.

Zenith Bank's fiscal success for the year was driven by a stunning triple-digit increase in gross earnings of 125%, from N945.6 billion in 2022 to N2.132 trillion in 2023.

Zenith Bank to distribute N126 billion

Legit.ng reported that Zenith Bank reported an impressive performance for the first quarter of 2024, with a total gross earnings of N781 billion compared to N270 billion in the previous year's first quarter.

Analysis showed that during the period, interest and similar income increased to N489 billion from N192 billion in the previous year.

Further details indicated that this was pushed up by an increase in bank loans and advances to customers as well as other items, including Placements with banks and discount houses, government and other bonds, and others.

Source: Legit.ng