Zenith Bank Plc has maintained its leadership by Tier-1 capital in the 2024 Top 1000 World Banks’ Rankings for the fifteenth year in a row.
This is according to the latest World Banks’ Rankings report released by The Banker Magazine in July 2024.
According to the report, Zenith Bank Plc ranked as the 565th bank globally with a Tier-1 capital of $2.01bn.
The July 2024 edition of the UK-based publication stated that Zenith Bank’s ranking was on account of its continued financial strength and stability, noting that the financial institution’s ranking meant ratio boosts and investor and depositor confidence, which indicated the bank was well-capitalised and financially stable.
The magazine stated that Tier-1 capital, as defined by the latest Bank for International Settlements guidelines, included 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.
In a statement, the Group Managing Director/CEO of Zenith Bank Plc, Dr Adaora Umeoji, called the ranking “a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction” while noting that Zenith Bank’s dedicated team of professionals had been steadfast and worked for the bank to maintain its position at the forefront of the banking industry.
Umeoji appreciated the bank’s founder and chairman, Dr Jim Ovia and its board for supporting the management while extending a word of appreciation to the institution’s staff for their dedication and unwavering loyalty to the company’s brand.
According to records obtained, the financial performance of Zenith Bank during the year was propelled by an astounding triple-digit growth of 125 per cent in gross earnings, which went up from N945.6bn in 2022 to N2.132tn in 2023.
In a related development, Zenith Bank Plc reportedly clinched two awards at the World Finance 2024 Awards.
According to reports, the World Finance Magazine which announced the awards in its Summer 2024 issue disclosed that the financial institution emerged as the Best Commercial Bank in Nigeria for the fourth consecutive year and the award for Best Corporate Governance, Nigeria, for the third year running.
According to World Finance Magazine, Zenith Bank was recognized for its robust financial performance, superior customer service, sustainability initiatives and corporate governance practices.
In a similar vein, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr Adaora Umeoji, had reportedly said the awards were a testament to the bank’s steadfast dedication to excellence.
According to her, both staff and management of the institution were responsible for the feat as their respective commitment to duty and sustenance of high industry standards and best practices were the basis upon which the institution was soaring high.
Umeoji said, “These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”
