After Delivering N505bn Profit, Nigerian Bank Emerges Amongst 100 Best Companies Globally
- Nigeria's Zenith has been recognized among the top 100 companies globally
- It is the only bank in Nigeria and one of the three in Africa identified for the feat for 2023
- The bank's emergence shows its achievements and resilience in the global market
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Zenith Bank Plc has emerged on the list of the world's top 100 companies published by World Finance Magazine.
Source: UGC
The compiled list featured the bank as the only Nigerian company in the exclusive listing.
According to the publication, Zenith Bank's inclusion marks its achievements and resilience in the global market.
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Zenith Bank is the only company from Nigeria and one of just three African companies to secure a spot on this prestigious list for 2023 that includes business titans like Apple, Amazon, and Alphabet.
A great feat
Dr Ebenezer Onyeagwu, Group Managing Director/CEO of Zenith Bank, acknowledged the feat as the exclusive Nigerian company in the World Finance 100 2023.
He said:
“This accolade is a testament to our unwavering dedication to our valued stakeholders, our innovative spirit, and sustained growth, all achieved amidst the complexities of a challenging economic climate.
This honour further attests to our status as a leading financial institution that continues to set the industry standard in financial performance, good corporate governance, and financial stability.”
Best companies on the list
The World Finance 100 honours businesses with the highest success in various industries. World Finance lists the top 100 firms yearly based on superiority in their respective fields.
The people on this list represent the new class of business elites, composed of visionaries and trailblazers who have shaped how business, finance, and technology are conceptualized.
Speaking on the development with Legit.ng, Samuel Oyekanmi, a macroeconomic analyst, said this is a commendable achievement for the bank and the Nigerian banking industry.
He added:
“Seeing Zenith Bank on the list is not so much of a surprise, considering its strong financial performance in the last decade and impressive operational ratios.
"I see more A-list banks and manufacturing companies in the country making this top 100 companies in the next five years, especially seeing the level of growth witnessed in recent years and the resolve of the firms to diversify their business offerings to meet the ever-evolving demands of customers."
Earlier, Legit.ng reported that the Zenith Bank emerged as the most capitalized bank in the country.
According to Zenith Bank Plc's third-quarter 2023 financial report, the bank has around N1.92 trillion in shareholders' funds, up from N1.31 trillion in 2022. This puts it in first place.
In 2023, the bank generated N505 billion in pre-tax profit, making it the largest profit maker in Nigeria.
No more limit: CBN makes changes on Access, GTB, UBA, Zenith, other banks' savings accounts
Legit.ng reported that the CBN's decision to remove the limits placed on the Standing Deposit Facility (SDF) is good news for banks.
Before this decision, commercial banks were prohibited from depositing more than N2 billion daily with the CBN.
The SDF is like a savings account for banks at the central bank. Banks can deposit extra money there, and the central bank pays them interest.
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Source: Legit.ng
