The ranking which was released in the July 2020 edition of The Banker Magazine of the Financial Times Group, UK, was based upon the 2019 year-end Tier-1 capital of banks internationally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s monetary efficiency for the year was underpinned by a 29% boost in non-interest income, with an improved market share in both retail and corporate sectors.
Speaking on the latest rankings, the Group Handling Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which even more vouches for our market leadership, is the outcome of a well-thought-out method of constantly thrilling and creating value for our brimming clients through a broad variety of exceptional item offerings, best-in-class service and top-of-the-range innovation”.
Tier 1 capital explains the capital adequacy of a bank, and it is the core procedure of a bank’s financial strength from a regulator’s viewpoint. According to the ranking, Tier 1 Capital, as deﬁned by the most current BIS standards, consists of loss-absorbing capital, i.e. typical stock, divulged reserves, retained revenues and minority interests in the equity of subsidiaries that are less than wholly owned.
Zenith Bank has clearly distinguished itself in the Nigerian monetary services industry through exceptional service quality, special customer experience and sound monetary indices. The bank, with a propensity for setting the rate and raising benchmarks, is a clear leader in the digital space with numerous firsts in the implementation of innovative items, solutions and a variety of option channels that guarantee benefit, speed and security of deals.
As a testimony to its strength and market leadership, Zenith Bank revealed an excellent outcome for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, attaining the feat as the very first Nigerian Bank to cross the N200 billion mark. In the just recently launched Q1 2020 unaudited monetary results, the bank likewise taped an enhanced result over the corresponding duration in 2019, with gross profits rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.
Constant with this excellent performance and in acknowledgment of its track record of remarkable efficiency, Zenith Bank was ranked as the very best Commercial Bank in Nigeria 2019 by the World Finance and the Finest Digital Bank in Nigeria 2019 by Agusto & & Co. The bank was also voted as Bank of the Year and Finest Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as one of the most Belongings Banking Brand Name in Nigeria, for the 3rd consecutive year, in the Lender Publication “Leading 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Finest Banks Awards 2020” and the Bank of the Years (Individuals’s Option) at the ThisDay Awards 2020.