|End-of-day quote - 02/26|
Zenith Bank : Ranked Number One Bank in Nigeria By Tier-1 Capital
|07/03/2020 | 05:06am|
Climbing 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks,
The ranking, which was published in the
According to the Ranking Report,
Zenith's financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.
Speaking on the latest rankings, the Group Managing Director/Chief Executive,
Tier 1 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.
According to the ranking, Tier 1 Capital, as de?ned by the latest BIS guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.
"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 that ensure convenience, speed and safety of transactions.
"As a testament to its resilience and market leadership,
"In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.
"Consistent with this excellent performance and in recognition of its track record of exceptional performance,
"The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards.
"Most recently, the bank was recognized as the Most Valuable Banking Brand in
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