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Zenith Bank ranked number one bank in Nigeria by tier-1 capital

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Zenith Bank Plc has been ranked the number one bank in Nigeria by tier-1 capital in the 2020 Top 1000 world banks ranking published by The Banker Magazine.

In a statement on Thursday signed by Ayoola Kusimo, of its corporate communications department, the bank said it moved from 415th position in 2019 to 386 in 2020.

It said it also retained its position as number one tier-1 bank in Nigeria with tier-1 capital of $2.79 billion, an increase of 16.1 percent, compared to the $2.40 billion recorded in the 2019 rankings.

The ranking which was published in the July 2020 edition of The Banker Magazine of Financial Times Group, was based on the 2019 year-end tier-1 capital of banks globally.

“This ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology,” Ebenezer Onyeagwu Zenith Bank’s group managing director/chief executive, said.

In its 2019 financial statement, Zenith Bank announced a profit after tax of N208.8 billion, becoming the first Nigerian bank to cross the N200 billion mark.

Also, the Bank’s Q1 2020 unaudited financial results recorded an improved result compared to Q1 2019, with gross earnings rising by six percent to N166.8 billion and profit before tax (PBT) growing three percent to N58.8 billion.

Asides this ranking by tier-1 capital, Zenith Bank was ranked as the best commercial bank in Nigeria 2019 by the World Finance and the best digital bank in Nigeria 2019 by Agusto & Co.

It was given the bank of the year and best bank in retail banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards.

Recently, Zenith Bank was recognized as the most valuable banking brand in Nigeria, for the third consecutive year, in the Banker Magazine Top 500 banking brands 2020; best bank in Nigeria in the Global Finance world’s best banks awards 2020, and the bank of the decade (People’s Choice) at the ThisDay Awards 2020.

©TheCable

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Chuks is a passionate blogger // Content Publisher @EcoCityTvNews

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