Zenith Bank Emerges Number One Tier-1 Bank For 14th Straight Time
Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine.
For the fourteenth year in a row, the Bank has held its position as the number
one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of
The rankings, published in the July 2023 edition of The Banker Magazine of the
Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital
of banks globally.
The rankings continue to be the primary source for global bank
financials and are used by most international organisations in their assessments of
Zenith Bank’s financial performance for the year was bolstered by an impressive double-
digit growth of 24% in gross earnings, leading to an improved market share in both the
retail and corporate segments of the market.
This occurred despite a persistently challenging macroeconomic environment and headwinds.
Commenting on the ranking, the Group Managing Director/CEO of Zenith Bank Plc, Dr
Ebenezer Onyeagwu, said, “Being ranked as the Number One Bank in Nigeria by Tier-1
Capital for the fourteenth consecutive year attests to our resilience as an institution
despite a very challenging macroeconomic environment and global headwinds.
It is also an affirmation of our best-in-class service and commitment to value creation for our
highly esteemed customers.”
He thanked the Founder and Chairman of Zenith Bank Plc,
Jim Ovia, CFR, for his foundational role in building the structures and setting the
institution on the path to continued success; the Board for their vision and outstanding
leadership; the staff for their unwavering commitment and dedication; and the Bank’s
customers for their unflinching loyal support of the Zenith brand.
Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s
financial strength from a regulator’s point of view. 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
Zenith Bank became one of the latest companies to join the exclusive group of stocks
worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX)
crossed the N1 trillion mark in the third week of June 2023. This followed the
appreciation of its share price by 3.23% to close at N32 per share, taking its market
capitalisation above a trillion to close at N1.004 trillion.
The bank’s track record of excellent performance has continued to earn it numerous
awards including being recognised as Bank of the Year (Nigeria) in The Banker's Bank
of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years
from 2020 to 2022, in the Global Finance World's Best Banks 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, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker
Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the Year, for
three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other
Financial Institutions (BAFI) Awards.
Similarly, Zenith Bank was named Bank of the Decade (People's Choice) at the
ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the
The year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa
2021 by SERAS Awards.