Zenith Bank Plc has upheld its preeminent position in Tier-1 capital as per The Banker Magazine’s 2024 Top 1000 World Banks’ Rankings, marking the fifteenth year in a row. The July 2024 issue reported that Zenith Bank ranked 565th worldwide, with a Tier-1 capital of $2.01 billion. This ranking underscores the bank’s sustained financial robustness and reliability, enhancing confidence among both investors and depositors and highlighting its strong capital base.
The magazine detailed that Tier-1 capital, according to the latest Bank for International Settlements standards, encompasses critical loss-absorbing assets such as common stock, disclosed reserves, retained earnings, and minority interests in subsidiaries with less than full ownership.
Dr. Adaora Umeoji, Zenith Bank’s Group Managing Director/CEO, praised the ranking as proof of their strategic focus on consistent growth, innovation, and outstanding customer service. She acknowledged the relentless efforts of the bank’s team and expressed appreciation for the support from Dr. Jim Ovia, the founder and chairman, and the board. Dr. Umeoji also thanked the staff for their constant loyalty.
Zenith Bank’s impressive financial performance was highlighted by a remarkable 125% growth in gross earnings, rising from N945.6 billion in 2022 to N2.132 trillion in 2023.
