Zenith Bank tops tier-1 capital for 15th consecutive year

In the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine, Zenith Bank Plc has maintained its leadership by Tier-1 capital for the fifteenth year in a row.

According to the report published in the July 2024 edition of Banker Magazine, Zenith Bank Plc ranked as the 565th bank globally with a Tier-1 capital of $2.01bn.

The UK-based publication stated that Zenith Bank’s ranking was on account of its continued financial strength and stability.

It noted that Zenith Bank’s ranking meant ratio boosts, and investor and depositor confidence, which indicated the bank was well-capitalised and financially stable.

The magazine stated that Tier-1 capital, as defined by the latest Bank for International Settlements guidelines, included 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 Group Managing Director/CEO of Zenith Bank Plc, Dr Adaora Umeoji, called the ranking “a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction”.

She noted that Zenith Bank’s dedicated team of professionals had been steadfast and worked for the bank to maintain its position at the forefront of the banking industry.

She appreciated the bank’s founder and chairman, Dr Jim Ovia and its board for supporting the management.

The Zenith Bank GMD also thanked the institution’s staff for their dedication and unwavering loyalty to the company’s brand.

The financial performance of Zenith Bank during the year was propelled by an astounding triple-digit growth of  125 per cent in gross earnings, which went up from N945.6bn in 2022 to N2.132tn in 2023.