One of Nigeria’s leading multinational financial service providers Zenith Bank, has once again solidified its position as Nigeria’s leading Tier-1 bank in 2024, continuing its reign as the top financial institution in the country.
This recognition was announced in the July 2024 Edition of the Banker Magazine, for the Top 1000 World Bank Rankings. The ranking places Zenith Bank as the 565th Bank globally with a Tier-1 capital of $2.01 billion.
The rankings are based on the year-end 2023 Tier-1 capital of banks worldwide and serve as the primary reference for global bank financials, utilized by most international organizations in their assessments. The magazine stated that Tier-1 capital, as defined by the latest Bank for International Settlements guidelines, included 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.
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Commenting on the achievement, the Group Managing Director/ CEO of Zenith Bank Plc, Dr. Adaora Umeoji, OON, expressed excitement, stating that the recognition is a testament to the bank’s strategic focus on sustainable growth, innovation and customer satisfaction.
In her words,
“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 further extended profound appreciation to the Founder and Chairman, of Zenith Bank, Dr. Jim Ovia, CFR, whose visionary and transformative leadership, she said has played a pivotal role in cultivating a resilient and thriving establishment.
Zenith Bank’s sustained leadership can be attributed to its robust financial performance. The bank has demonstrated impressive growth in key financial metrics, including profitability, asset quality, and capital adequacy. Its 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 resulted in an enhanced market share in both the retail and corporate segments, even amid a persistently challenging macroeconomic environment. The rise in gross earnings was largely due to the expansion in both interest and non-interest income. Interest income growth was driven by an increase in the size of risk assets and their effective repricing, while non-interest income saw significant boosts from trading gains and foreign currency revaluation gains.
Notably, a key factor in Zenith Bank’s continued success is its focus on innovation and digital transformation. The bank has continued to invest heavily in cutting-edge technology to enhance its digital banking services, offering customers seamless and efficient banking experiences. From mobile banking apps to internet banking platforms, Zenith Bank has ensured that its customers have access to convenient and secure banking solutions.