Streetwise Media

Streetwise Media

ZENITH BANK EMERGES AS NIGERIA’S TIER-1 CAPITAL LEADER FOR THE FIFTEENTH CONSECUTIVE YEAR IN THE 2024 TOP 1000 WORLD BANKS’ RANKING  

  • Banking & Business
  • July 22, 2024
  • Streetwise Media

 

ZENITH BANK EMERGES AS NIGERIA’S TIER-1 CAPITAL LEADER FOR THE FIFTEENTH CONSECUTIVE YEAR IN THE 2024 TOP 1000 WORLD BANKS’ RANKING

For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s 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.
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.
Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “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.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.
Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.
Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 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 Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.
Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 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. The Bank also received the accolades of 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. 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 Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

48 Comments

  • Pink Withney
    October 1, 2024 at 6:29 am

    Pink Withney For the reason that the admin of this site is working, no uncertainty very quickly it will be renowned, due to its quality contents.

    Reply
  • أنابيب الراتنج الإيبوكسي
    September 25, 2024 at 8:07 am

    قنوات الكابلات HDPE في مصنع إيليت بايب في العراق، تم تصميم قنوات الكابلات HDPE لتوفير المتانة والمرونة الفائقة، مما يجعلها مثالية لحماية الكابلات الكهربائية والاتصالات في مختلف البيئات. مصنوعة من البولي إيثيلين عالي الكثافة، توفر قنواتنا مقاومة ممتازة للصدمات والمواد الكيميائية والظروف البيئية، مما يضمن طول عمر الكابلات المحمية بها. كأحد المصانع الرائدة في العراق، يلتزم مصنع إيليت بايب بتقديم قنوات HDPE التي تلتزم بأعلى معايير الجودة وتوفر أداءً موثوقًا. تعرف على المزيد حول حلول HDPE الخاصة بنا على elitepipeiraq.com.

    Reply
  • Simplywall
    August 30, 2024 at 6:55 am

    Simplywall Hi there to all, for the reason that I am genuinely keen of reading this website’s post to be updated on a regular basis. It carries pleasant stuff.

    Reply
  • BaddieHub
    August 28, 2024 at 9:19 pm

    BaddieHub I truly appreciate your technique of writing a blog. I added it to my bookmark site list and will

    Reply
  • Ny weekly
    August 23, 2024 at 12:09 pm

    Ny weekly I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

    Reply
  • Vodizaquany
    August 9, 2024 at 12:50 pm

    Your comment is awaiting moderation.

    Стоимость разработки дизайн проекта mudryakova.ru

    Сразу после приобретения дома непременно встает вопрос об интерьере. И в этой ситуации без специалиста будет очень трудно. Представляем Вам студию дизайна в Санкт-Петербурге Ольги Мудряковой, которая может управиться с любой поставленной целью. Имея двадцатилетний опыт, огромное количество готовых задач и десятки хороших комментариев — мы даем гарантию, что создадим для Вас идеальный интерьер любого помещения, принимая во внимание все требования и пожелания владельца. Подробнее узнайте на веб портале mudryakova.ru всю важную информацию.

    Если Вы планировали найти студия дизайна интерьера в сети интернет, то заходите на указанный сайт уже сейчас. Если Вы более того не приобрели недвижимость, то мы с радостью поможем Вам в подборе и разъясним возможности отобранных вариантов. Разработаем проект, который будет индивидуальным и уютным для нахождения. Составим смету на материалы и оборудование, подскажем контакты надежных строительных компаний-наших партнеров. Сопровождаем все этапы строительства, четко контролируем работу специалистов.

    По запросу студия дизайна Вы на верном пути. Чтобы начать с нами работать, следует заполнить заявку на онлайн портале mudryakova.ru или позвонить по номеру телефона +7(812)408-00-07. Главный офис находится по адресу: г. Санкт-Петербург, ул. Мебельная, д. 49/92. Время работы по будням с 9:00 до 19:00. Фотографии выполненных нами дизайн-проектов можно увидеть на указанном сайте, также географически. Работаем как под ключ, ровно как оказываем единичные виды услуг.

    Reply

Add a Comment

Your email address will not be published. Required fields are marked *

Street Wise World

Browse by Category

Copyright © 2023 Street Wise World.  All Rights Reserved.