By Jeph Ajobaju, Chief Copy Editor
Zenith Bank has for the third year in row retained its slot as Nigeria’s number one Tier-1 bank, awarded in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine.
The bank kept its position with a Tier-1 capital of $2.64 billion locally and came in as the 454th globally. But it is the only Nigerian bank in the top 500 worldwide.
The ranking, published by The Banker Magazine owned by the Financial Times Group in the United Kingdom, was based on the 2020 year-end Tier-1 capital of banks globally.
Zenith Bank’s financial performance in 2020 was underpinned by an 8 per cent 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 pandemic.
“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 had a significant deleterious impact on businesses globally, said Ebenezer Onyeagwu, Zenith Bank Group Managing Director/Chief Executive.
“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.”
Onyeagwu thanked Zenith Bank’s customers for making it their bank of choice.
Tier-1 capital
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.
Tier 1 capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital; that is, common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.
Recent awards
Among other awards, Zenith Bank won
· Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2021
· Best Corporate Governance ‘Financial Services’ Africa 2021 by the Ethical Boardroom
· Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2021
· Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker magazine
· 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
· Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom
· Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020
· Bank of the Decade (People’s Choice) at the ThisDay Awards 2020
· Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards
· Best Company in Promotion of Good Health at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020
· Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020
