By Modupe Gbadeyanka
Zenith Bank Plc has maintained its position as the Number One Bank in Nigeria for the fifteenth consecutive year.
In the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine, the Nigerian lender was on the 565th spot with a tier-1 capital of $2.01 billion.
Tier-1 capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective.
According to the ranking, tier-1 capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes 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.
A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.
In its latest ranking published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, Zenith Bank occupied the topmost position in Nigeria because of its continued financial strength and stability.
They are based on the 2023 year-end tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.
“We are deeply honoured to be recognised as the Number One Bank in Nigeria by tier-1 capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction.
“It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day on July 11, 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion.
The lender said it remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.