MONEY Zenith ranked first among Tier-1 banks

Zenith Bank Plc has emerged as the number-one bank in Nigeria by Tier-1 capital in a 2020 global ranking of banks by The Banker.

A statement from the bank said it climbed 29 spots from 415 in 2019 to 386 in the 2020 Top 1,000 World Banks Ranking.

The lender said it retained its position as the number-one Tier-1 bank in the country with Tier-1 capital of $2.79bn, an increase of 16.1 per cent on the $2.40bn recorded in the 2019 rankings.

The ranking, which was published in the July 2020 edition of The Banker, a magazine owned the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally, according to the statement.

It said Zenith’s financial performance for the year was underpinned by a 29 per cent increase in non-interest income, with an improved market share in both retail and corporate sectors.

The Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said, “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.”

Tier-1 capital it is the core measure of a bank’s financial strength from a regulator’s point of view, the statement added.

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