Zenith wins 15th top bank award

FOR the 15th 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.

The ranking places Zenith Bank 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.

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, that is, 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, Dr Adaora Umeoji, said: “W e 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- evolv - ing 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 appreciation to the founder and chairman, Dr Jim Ovia, CFR, whose visionar y and transformational leadership has pl ayed a pivotal role in cultivating a r esilient and thriving establish ment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication and the unwa vering loyalty of the bank’s esteemed customers to