Nigeria’s Best Bank: Zenith Retains Title For 13 Straight Years

Nigeria’s Best Bank: Zenith Retains Title For 13 Straight Years

Zenith Bank Plc has been named the Number One Bank in Nigeria by Tier-1 Capital in The Banker Magazine’s 2022 Top 1000 World Banks Ranking for the 13th year in a row. The bank was ranked first with a Tier-1 capital of $2.75 billion, making it the 460th bank in the world.

The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on banks’ global 2021 year-end Tier-1 capital. Despite a very challenging macroeconomic environment exacerbated by COVID-19, Zenith Bank’s financial performance for the year was underpinned by double-digit growth of 10% in gross earnings, with an improved market share in both retail and corporate sectors.

Mr. Ebenezer Onyeagwu, Group Managing Director and Chief Executive of Zenith Bank Plc, commented on the 2022 Top 1000 World Banks Ranking, saying, “this ranking is a testament to our resilience and doggedness as an institution despite economic headwinds and a persistently challenging macroeconomic environment. “Indeed, Tier-1 Capital ranking us as the Number One Bank in Nigeria for the thirteenth year in a row demonstrates our commitment to maintaining the superior performance we are known for and creating value for our highly valued customers”.

He thanked Zenith Bank Plc’s Founder and Chairman, Jim Ovia, CON, for his guidance and for laying the foundation and building the structures of an enduring and very successful institution; the Board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the Bank’s exceptional performance; and the Bank’s customers for their unwavering loyalty to the Zenith brand.

Tier 1 Capital refers to capital adequacy, which is the primary measure of a bank’s financial strength in the eyes of regulators. Tier 1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, such as common stock, disclosed reserves, retained earnings, and minority equity interests in subsidiaries that are less than wholly owned, according to the ranking.

Zenith Bank’s track record of excellence has earned the brand numerous awards, with this latest recognition following on the heels of several others, including being named the Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance Awards.

Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa by the Ethical Boardroom for three consecutive years from 2020 to 2022; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards; and Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020.

In addition, the bank was named the Most Valuable Banking Brand in Nigeria by Banker Magazine in the Top 500 Banking Brands 2020 and 2021, as well as the Retail Bank of the Year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and won four awards at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, including “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment” and the coveted “Most Responsible Organization in Africa”.