Zenith Bank Remains Number One Tier-1 Bank in Nigeria – The Banker Magazine
Zenith Bank Remains Number One Tier-1 Bank in Nigeria – The Banker Magazine
For the thirteenth year running, Zenith Bank Plc has been named by The Banker Magazine as the top tier-1 bank in Nigeria.
According to the journal’s 2022 Top 1000 World Banks Ranking, Zenith Bank ranked 460th overall with a Tier-1 capital of $2.75 billion.
The ranking, which appeared in the July 2022 issue of The Banker Magazine published by the Financial Times Group in the UK, was based on the global Tier-1 capital of banks as of the end of the 2021 fiscal year.
ALSO, READ eNaira is a disadvantage to banks – Says CBN Governor
According to regulators, the primary indicator of a bank’s financial soundness is capital sufficiency, which is described as Tier-1 Capital. The ranking states that 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 entirely owned, as defined by the most recent Bank for International Settlements (BIS) criteria.
Zenith Bank Remains Number One Tier-1 Bank in Nigeria
Despite a very difficult macroeconomic environment made worse by the COVID-19 epidemic, Zenith Bank’s financial performance for the year was supported by double-digit increase of 10% in gross earnings and an improved market share in both the retail and corporate sectors.
ALSO, READ BUA Cement Seeks Loan To Expand Company In Sokoto
Zenith Bank’s Group Managing Director and CEO, Mr. Ebenezer Onyeagwu, responded to the news by saying that the organization’s “resilience and tenacity as an institution despite economic headwinds and a prolonged adverse macroeconomic climate” is demonstrated by its rating.
The fact that Tier-1 Capital has recognized us as Nigeria’s top bank for the 13th consecutive year “underscores our dedication to maintaining the exceptional performance we are known for and providing value for our highly appreciated customers,” he continued.
ALSO, READ RLI Corp Reported A Net Loss Of $2.2 Million In the Second Quarter Of 2022
Zenith Bank Remains Number One Tier-1 Bank in Nigeria
The banker expressed his gratitude to Mr. Jim Ovia, the founder and chairman of Zenith Bank, for his leadership and for laying the groundwork and erecting the framework of a long-lasting and very successful institution. He also thanked the board for their outstanding leadership, the staff, whose drive and commitment sustain the exceptional performance, and the bank’s clients for their unwavering loyalty to the Zenith brand.
AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.
I Am a financial analyst, Entrepreneur, Blogger and Business model. With 15 years' Consultancy Experience.
