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Thursday, April 18, 2024

ZENITH BANK RETAINS TOP SPOT AS NIGERIA’S NUMBER ONE BANK IN THE 2023 TOP 1000 WORLD BANKS.

Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine.

The Bank, which now ranks 467th globally with a Tier-1 Capital of $2.54 billion, has maintained its position as the top Tier-1 bank in Nigeria for the fourteenth year in a row.

The rankings were based on the Tier-1 capital of banks throughout the world as of 2022’s year-end, and they were released in the July 2023 issue of The Banker Magazine of the Financial Times Group, United Kingdom. Most international organizations rely on the rankings as their main source for information on the financial health of banks around the world.

Gross earnings at Zenith Bank increased by an exceptional double-digit rate of 24% for the year, which helped the bank increase its market share in both the retail and corporate sectors of the market. This happened despite a macroeconomic situation that was consistently difficult with headwinds.

According to regulators, the primary indicator of a bank’s financial soundness is capital sufficiency, which is described by Tier 1 Capital. According to the ranking, Tier 1 Capital includes loss-absorbing capital, such as common stock, reported reserves, retained earnings, and minority holdings in the equity of subsidiaries that are not fully owned, in accordance with the most recent Bank for International Settlements (BIS) criteria.

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