Zenith Bank retains lead on Tier-1 capital rating | Dailytrust

Zenith Bank retains lead on Tier-1 capital rating

Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine.

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, emerging as the 454th bank globally and the only Nigerian bank in the top 500.

The ranking, which was published in the July 2021 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2020 year-end Tier-1 capital of banks globally.

Zenith Bank’s financial performance for the year was underpinned by an 8% growth in non-interest income.

Speaking on the ranking, the Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said: “This ranking is a demonstration of our resilience and doggedness as an institution given the very challenging macroeconomic environment brought about by the coronavirus (COVID-19) pandemic, which had a significant deleterious impact on businesses globally.

Tier 1 capital describes capital adequacy, and it is the core measure of a bank’s financial strength from a regulator’s point of view.

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