By Ayomide Otitoju
LAGOS – Zenith Bank Plc has retained its leadership position by Tier-1 capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine.
The July 2024 edition of the UK-based publication ranked Zenith Bank Plc as the 565th bank globally, with a Tier-1 capital of $2.01 billion. The Banker Magazine attributed Zenith Bank’s ranking to its continued financial strength and stability.
The report highlighted that Zenith Bank’s robust ranking boosts ratios and fosters investor and depositor confidence, underscoring that the bank is well-capitalized and financially stable. According to the latest Bank for International Settlements guidelines, Tier-1 capital includes loss-absorbing capital, such as common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.
Dr. Adaora Umeoji, Group Managing Director/CEO of Zenith Bank Plc, described the ranking as “a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction.” She emphasized the dedication of Zenith Bank’s team of professionals in maintaining the bank’s leading position in the industry.
Dr. Umeoji also expressed gratitude to the bank’s founder and chairman, Dr. Jim Ovia, and the board for their support, as well as the institution’s staff for their dedication and unwavering loyalty to the company’s brand.
Zenith Bank’s financial performance for the year was bolstered by an impressive 125 percent growth in gross earnings, rising from N945.6 billion in 2022 to N2.132 trillion in 2023.
