Jim Ovia’s Zenith Bank retains spot as Nigeria’s top tier-1 capital bank

In the latest 2021 Top 1,000 World Banks Ranking published by The Banker Magazine, Zenith Bank Plc retained its spot as Nigeria’s number-one tier-1 capital bank for the third year in a row.

The Banker is a British English-language monthly international financial affairs publication owned by The Financial Times Limited.

“Nigeria’s top five banks all rose in the latest Top 1,000 World Banks ranking and maintained their positions in the national pecking order, led by Zenith,” the magazine stated.

Zenith Bank retained its position with a capitalization of $2.64 billion, making it the 454th bank globally and the only Nigerian bank that made it on the top 500 on the list.

Nairametrics reported Ebenezer Onyeagwu, the bank’s group managing director and CEO, as saying that its financial performance was pegged on eight-percent growth in non-interest income, with an improved market share in retail and corporate banking despite the stiff economic conditions caused by the COVID-19 pandemic.

“This ranking is a demonstration of our resilience and doggedness as an institution given the very challenging macroeconomic environment brought about by the COVID-19 pandemic, which had a significant deleterious impact on businesses globally,” Onyeagwu said.

“It is also an affirmation of our commitment to delighting and creating value for our customers through a broad range of superior product offerings, best-in-class service, and top-of-the-range technology,” he added.

Zenith Bank serves customers in Nigeria and throughout Anglophone West Africa. The bank was founded by Nigerian banker and businessman Jim Ovia in 1990.

It is licensed as a commercial bank by the Central Bank of Nigeria.