In The Banker Magazine’s 2021 Top 1000 World Banks Ranking, Zenith Bank Plc was named the Number One Bank in Nigeria by Tier-1 Capital. With a Tier-1 Capital of $2.64 billion, the bank held its position as Nigeria’s number one Tier-1 bank for the third year in a row, ranking 454th globally and the only Nigerian bank in the top 500.
The Banker Magazine of the Financial Times Group, United Kingdom, announced the ranking in July 2021. It was based on banks’ global Tier-1 capital at the end of 2020. Despite a highly hard macroeconomic environment aggravated by the COVID-19 epidemic, Zenith Bank’s financial performance for the year was bolstered by an 8% increase in non-interest revenue, with improved market share in both the retail and corporate sectors.
Zenith Bank MD Mr. Ebenezer Onyeagwu who commented on the ranking said: “Given the extremely difficult macroeconomic environment created by the Coronavirus (COVID-19) pandemic, which had a significant negative impact on businesses around the world, this ranking demonstrates our institution’s tenacity and perseverance. It’s also a statement of our commitment to delighting and adding value to our customers by providing a diverse range of exceptional product options, world-class service, and cutting-edge technology “.. He also thanked Zenith’s many customers for choosing Zenith as their bank of choice.
Tier 1 capital refers to a bank’s capital adequacy, and it is the regulator’s primary indicator of the bank’s financial strength. Tier 1 Capital, according to the ranking, contains loss-absorbing capital, such as common stock, reported reserves, retained earnings, and minority holdings in the equity of subsidiaries that are not entirely owned, as defined by the latest Bank for International Settlements (BIS) criteria.