Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.

Climbing 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1per cent on the $2.40 billion recorded in the 2019 rankings.

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

According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria.

Mr Ebenezer Onyeagwu, the bank's Group Managing Director/Chief Executive, said the ranking had attested to the bank's market leadership.

Onyeagwu said the ranking was the outcome of a well-thought-out strategy of always delighting and creating value for its teeming customers through a broad range 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 noted that the bank had clearly distinguished itself in the Nigerian financial services industry through superior quality service, unique customer experience and sound financial indices.

'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 Dec 31, 2019, achieving the feat as the first Nigerian bank to cross the N200 billion mark.

It also, for the first quarter ended March 31, posted gross earnings of N166.8 billion and profit before tax of N58.8 billion.

Zenith Bank had earlier emerged as the best bank in Nigeria, according to the Global Finance magazine, 2020.

The awards, published in the May 2020 edition of the Global Finance Magazine, was based on the performances of the banks in their respective regions and countries over the period from Jan. 1 to Dec. 31, 2019.

© Pakistan Press International, source Asianet-Pakistan