…It leaped 29 spots from 2019 to 2020
Zenith Bank Plc has ranked highest as Nigeria’s Tier-one Capital bank in the 2020 Top 1,000 World Bank Ranking, published by The Banker Magazine.
According to an official statement issued by the bank on Thursday in Lagos, Zenith Bank leaped a substantial 29 spots from 425 it was in 2019 to 386 in the 2020 global ranking of banks.
The feat translated to the bank retaining its best position as the number one Tier-one bank in Nigeria with Tier-one capital of $2.79 billion.
The figure depicted an increase of 16.1 per cent as against the $2.40 billion recorded in the 2019 ranking.
It noted that 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.
While giving his remarks, Mr Ebenezer Onyeagwu, the bank’s Group Managing Director/Chief Executive, said that the ranking had corroborated with the bank’s market leadership.
Onyeagwu said the ranking was as a result of a well-thought-out strategy of always delighting and creating value for its increasing customers through a wide spectrum 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 reiterated that the bank had obviously carved a niche for itself in the Nigerian financial services industry through superior quality service, unique customer experience and solid financial indicators.
“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,” he said.
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 December 31, 2019, achieving the feat as the first Nigerian bank to cross the N200 billion mark.
It also posted gross earnings of N166.8 billion and profit before tax of N58.8 billion.for the first quarter which ended March 31.