Zenith Bank Bags Number One Bank In Nigeria

Zenith Bank Plc has earned number one Bank in Nigeria in the Tier-one Capital ranking in the 2020 Top 1,000 World Bank Ranking, according to report.

Brandnewsday reports that in the published 1,000 World Bank Ranking by The Banker Magazine, Zenith Bank emerges as the number one bank.

Reacting to the development, the bank, in an issued statement on Thursday in Lagos, disclosed that it rose to 29 spots from 425, recorded in 2019 to 386 in the 2020 global ranking of banks.

In the statement, Zenith Bank stated that the bank maintained its position as the number one Tier-one bank in Nigeria with Tier-one capital of 2.79 billion dollars.

Zenith Bank Top Nigerian Banks by Tier-One

The statement further noted that the figure represented an increase of 16.1 per cent when compared with the 2.40 billion dollars achieved in the 2019 ranking.

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According to the statement, the ranking published in July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-one capital of banks globally.

Reacting to the ranking, the bank’s Group Managing Director/Chief Executive, Ebenezer Onyeagwu stated that the ranking had attested to the bank’s market leadership.

Similarly, Onyeagwu disclosed that the ranking was the outcome of a well-thought-out strategy of always delighting and creating value for its teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology.

“Tier-one capital describes the capital adequacy of a bank and it is the core measure of a bank’s financial strength from a regulator’s point of view,” he stated.

Onyeagwu also noted that the bank had clearly distinguished itself in the Nigerian financial services industry through superior quality service, unique customer experience and sound financial indices.

He further said: “The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels”.

Meanwhile, the bank, as a testament for its resilience and market leadership, announced a profit after tax of N208.8 billion for the financial year ended Dec. 31, 2019, achieving the feat as the first Nigerian bank to cross the N200 billion mark.