Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital i
the 2022 Top 1000 World Banks Ranking published by The Banker Magazine. For the
thirteenth consecutive year, the Bank retained its position as the number one Tier-1 bank in
Nigeria with a Tier-1 Capital of $2.75 billion, emerging as the 460th Bank globally.
The ranking, which was published in the July 2022 edition of The Banker Magazine of the
Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of
banks globally. Zenith Bank’s financial performance for the year was underpinned by
double-digit growth of 10% in gross earnings, with an improved market share in both retail
and corporate sectors despite a very challenging macroeconomic environment aggravated
by the COVID-19 pandemic.
Commenting on the 2022 Top 1000 World Banks Ranking, the Group Managing
Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, said: “This ranking is a
testament to our resilience and doggedness as an institution despite economic headwinds
and a persistent challenging macroeconomic environment. Indeed, being ranked as the
Number One Bank in Nigeria by Tier-1 Capital for the thirteenth year in a row underscores
our commitment to sustaining the superior performance we are renowned for and creating
value for our highly esteemed customers.” He expressed his appreciation to the Founder
and Chairman of Zenith Bank Plc, Jim Ovia, CON, for his guidance and for laying the
foundation and building the structures of an enduring and very successful institution; the
Board for the outstanding leadership they provide; the staff, whose drive and commitment
sustains the exceptional performance; and the Bank’s customers for their unflinching loyalty
to the Zenith brand.
Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial
strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as deﬁned
by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing
capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in
the equity of subsidiaries that are less than wholly owned.
Zenith Bank’s track record of excellent performance has continued to earn the brand
numerous awards, with this latest accolade coming on the heels of several recognitions,
including being recognised as the Best Bank in Nigeria for three consecutive years from
2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank,
Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance
Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate
Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by
the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail
Banking, Nigeria in the International Banker 2022 Banking Awards; and Bank of the Year
(Nigeria) in The Banker’s Bank of the Year Awards 2020. Also, the Bank emerged as the
Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands
2020 and 2021, and the Retail Bank of the year at the BusinessDay Banks and Other
Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the
ThisDay Awards 2020 and emerged winner in four categories at the Sustainability,
Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best
Company in Reporting and Transparency”, “Best Company in Infrastructure Development”,
“Best Company in Gender Equality and Women Empowerment”, and the coveted “Most
Responsible Organisation in Africa.