Zenith Bank retains position as Nigeria’s No.1 Tier-1 Bank
Zenith Bank Plc has been ranked as the number one bank in Nigeria by Tier-1 capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine.
For the third consecutive year, the bank retained its position as the number 1 Tier-1 bank in Nigeria, with a Tier-1 capital of $2.64 billion, emerging as the 454th bank globally and the only Nigerian bank in the top 500.
The ranking, which was published in the July 2021 edition of The Bankers Magazine of the Financial Times Group, United Kingdom, was based on the 2020 year-end Tier-1 capital of banks globally.
Zenith bank’s financial performance for the year was underpinned by an 8% growth in non-interest income, with an improved market share in both retail and corporate sectors, despite a very challenging macroeconomic environment exacerbated by the Covid-19 pandemic.
Speaking on the ranking, the group Managing Director/Chief Executive, Mr. Ebenezar Onyeagwu said, “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 has a significant deleterious impact on business globally.
“It is also an affirmation of our commitment to delighting and creating value for our customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”.
He also expressed thanks to the bank’s numerous customers for making Zenith their bank of choice. Tier-1 capital describes capital adequacy, and it is the core measure of a bank’s financial strength from a regulator’s point of view.
This award is the latest among several awards and recognitions that the bank has received in recent times for its track record of excellent performance and commitment to global best practices.
Zenith bank was voted as Bank of the Year (Nigeria) in the Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best Corporate ‘Financial Services’ Africa 2020 and 2021 by the Ethical Board-room.
