Zenith Bank retains position as number 1 Tier-1 bank in Nigeria

Zenith Bank Plc has retained its position at the number one bank in Nigeria by Tier-1 capital in the 2021 Top 1,000 World Banks ranking published by the Banker Magazine.

The Group Managing Director/Chief Executive of the bank, Mr Ebenezer Onyeagwu, disclosed in a statement made available to the News Agency of Nigeria (NAN) on Wednesday in Lagos.

Onyeagwu said for the third consecutive year, the bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 Capital of 2.64 billion dollars.

He said the bank emerged the 454th bank globally and the only Nigerian bank in the top 500.

He explained that the ranking, which was published in the July edition of the Banker Magazine of Financial Times Group, United Kingdom, was based on the 2020 year-end Tier-1 capital of banks globally.

“This ranking is a demonstration of our resilience and doggedness as an institution given the very challenging macroeconomic environment brought about by the COVID-19 pandemic, which had a significant deleterious impact on businesses globally.

“It is also an affirmation of our commitment to delighting and creating value for our customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology,” he said.

According to Onyeagwu, Zenith Bank’s financial performance for the year was underpinned by an eight per cent growth in non-interest income.

It recorded an improved market share in both retail and corporate sectors, in spite of a very challenging macroeconomic environment, exacerbated by the COVID-19 pandemic.