Zenith Bank Plc has once again demonstrated its formidable impact on the Nigerian banking landscape by retaining its position as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year.
This is according to the 2024 Top 1000 World Banks’ Rankings published by The Banker Magazine. With a Tier-1 Capital of $2.01 billion, Zenith Bank stands as the 565th largest bank globally, underscoring its financial strength and stability.
This achievement is a testament to Zenith Bank’s strategic focus on sustainable growth, innovation, and customer satisfaction. The Group Managing Director/CEO, Dame (Dr.) Adaora Umeoji, OON, highlighted the bank’s resilience and strength in navigating the evolving financial landscape. She attributed this success to the visionary leadership of Founder and Chairman, Dr. Jim Ovia, CFR, and the relentless dedication of the bank’s staff, board, and loyal customers.
Zenith Bank’s financial performance in 2023 was marked by a remarkable 125% growth in gross earnings, reaching N2.132 trillion from N945.6 billion in 2022. This growth, driven by increases in both interest and non-interest income, has bolstered the bank’s market share in the retail and corporate segments despite challenging economic conditions.
The bank’s recent recapitalisation efforts, including the conclusion of its Capital Markets Day on July 11, 2024, aim to raise N230 billion, reflecting its strong existing capital base of N270.7 billion. These efforts are geared towards supporting the growth of the Nigerian economy and providing innovative banking solutions to its customers.
Zenith Bank’s excellence has been consistently recognized with numerous awards, including being named the Number One Bank in Nigeria by Tier-1 Capital for fourteen consecutive years prior to 2024. Other accolades include the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022, and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.
The bank’s impact extends beyond financial performance to corporate governance, sustainability, and innovation, earning it awards such as Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.
Zenith Bank’s continued recognition as a leader in the banking industry highlights its commitment to excellence and its significant role in driving economic growth and stability in Nigeria.
