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The rankings, which are based on the 2023 year-end Tier-1
capital of banks worldwide, are published in the July 2024 edition of The
Banker Magazine of the Financial Times Group, United Kingdom.
This achievement underscores Zenith Bank’s ongoing financial
strength and stability, as well as its strong Tier-1 capital ratio, which is a
key indicator of the bank's financial robustness.
Commenting on this achievement, the Group Managing
Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are
deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1
Capital for the fifteenth consecutive year. This recognition is a testament to
our strategic focus on sustainable growth, innovation, and customer
satisfaction. It also emphasises our resilience and strength in navigating the
ever-evolving financial landscape. Our dedicated team of professionals has remained
steadfast in ensuring that we maintain our position at the forefront of the
banking industry.”
She expressed her deep gratitude to Dr. Jim Ovia, CFR, the
Founder and Chairman, for his exceptional leadership that has been instrumental
in building a resilient and successful organization. She also conveyed her
sincere appreciation for the board's insightful governance, the staff's
unwavering dedication, and the loyal support of Zenith Bank's esteemed
customers.
Zenith Bank's financial performance for the year was marked
by a remarkable 125% growth in gross earnings, reaching N2.132 trillion in 2023
from N945.6 billion in 2022. This growth contributed to an enhanced market
share in both retail and corporate segments, despite a challenging
macroeconomic environment.
The increase in gross earnings was primarily driven by
growth in interest and non-interest income, with interest income benefiting
from the expansion of risk assets and effective repricing, and non-interest
income driven by significant trading gains and gains from the revaluation of
foreign currencies.
Zenith Bank recently commenced recapitalisation efforts with
the conclusion of its Capital Markets Day held on 11th July 2024. It aims to
raise the least amount of capital amongst its peers at N230 billion,
considering it already maintains a robust capital base of N270.7 billion.
The Bank remains dedicated to supporting the growth of the
Nigerian economy and providing its numerous customers with innovative and
efficient banking solutions.
Zenith Bank has consistently received numerous awards for
its outstanding performance, including being named the Number One Bank in
Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top
1000 World Banks Ranking.
Additionally, the Bank has been recognized as the Bank of
the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022,
as well as Most Sustainable Bank, Nigeria in the International Banker 2024
Banking Awards.