Zenith Bank Rated Best in Nigeria in New Global Ranking
- Zenith Bank has retained its position as a leading bank in Nigeria for the 14th year in a row
- The award by Bankers Magazine says the Zenith Bank achieved the feat despite global headwinds
- The bank also emerged as the 467th best bank in the world out of the 1,000 banks ranked by the Magazine
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Zenith Bank has maintained its ranking as the Number One Bank in Nigeria by tier-1 Capital in 2023 in 2023 top 1,000 world bank rankings by Bankers Magazine.
The Nigerian bank retained its position as the number Tier-1 bank in the country for the 14th year to emerge as the 467th bank globally with a Tier capital of $2.54 billion.
Source: UGC
The bank won the award based on 2022 financial results
According to a statement published in the July edition of the Banker Magazine of the Financial Times Group, the rankings were based on the global 2022 year-end Tier-1 capital banks.
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The Magazine said:
“The rankings continue to be the primary source for global bank financials and are used by most international organizations in their assessments of banks.”
The bank’s performance for 2022 was strengthened by double-digit growth of 24% in gross earnings, leading to an improved market share in both the retail and corporate segments of the market.
Punch reports that the Magazine added that the bank achieved the feat despite the macroeconomic environment and headwinds,
Group Managing Director and Chief Executive Officer of the bank, Ebenezer Onyeagwu, said that the new ranking attests to the bank’s resilience as an institution despite the challenging environment.
Onyeagwu said:
“Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view.
Zenith Bank broke records in the last week of June to become the latest companies to join the exclusive group worth over N1 trillion as the bank’s market capitalization on the Nigerian Exchange crossed the N1 trillion mark in the third week of June 2023.
Access Bank makes history as first financial company to surpass N1 trillion gross earnings in a year
Legit.ng reported that Access Holdings Plc, the parent company of Access Bank has set a new achievement in the banking industry.
According to its financial statement released on Wednesday, April 19, 2023, the financial company gross earnings increased to N1.38 trillion in 2022 from N971.8 billion recorded the previous year.
This is the first time a financial institution in Nigeria will cross the N1 trillion earnings in a single year.
Source: Legit.ng
