Zenith Bank Is Number One Bank In Nigeria

Zenith Bank tops Nigerian banks in this year’s Top 1000 World Banks Ranking of The Banker Magazine of the Financial Times Group, London, United Kingdom. This global recognition further portrays the bank as one of the most preferred in the country.

According to the report, 13 Nigerian banks made the ranking. They are Zenith Bank, First Bank, Guaranty Trust Bank, Access Bank, United Bank for Africa, Ecobank, Fidelity Bank, First City Monument Bank, Skye Bank, Diamond Bank, Stanbic IBTC, Union Bank and Standard Chartered Bank.

Zenith Bank moved 35 places from 322 in the world last year to 287; First Bank moved from 338 to 367, Guaranty Bank moved to 417 from 455; Access Bank moved to 506 from 541 and UBA moved to 553 from 563.

The ranking is usually based on the definition of Tier–1 Capital as set out by Basel’s Bank for International Settlements (BIS) and that it aims to show global international banks’ soundness in relation to the Basel guidelines on capital adequacy.

The percentage change in the Tier-1 Capital, which underlines the strength of banks, for Zenith Bank increased by 23.82 per cent, the highest in the wholly Nigerian banks that made the ranking.

In the capital asset ratio of soundness parameter, Zenith Bank came top at 17.70 per cent followed by Guaranty Trust Bank at 16.23 per cent. Third is Fidelity Bank at 15.67 per cent, Standard Chartered Nigeria is fourth at 13.38 per cent followed by FCMB at 12.00 per cent and First Bank at 11.96 per cent; Access Bank at 11.60 per cent; Stanbic IBTC at 11.55 per cent; Ecobank at 11.14 per cent; Skye Bank at 9.90 per cent; UBA at 7.65 per cent; Diamond Bank at 7.31 per cent; and Union Bank at 6.35 per cent.

In the report, South Africa’s banks retained their position as the largest lenders in Africa with Standard Bank remaining in the lead. However, most of the banks have subdued this year as far as Tier1 and asset growth were concerned.

According to the magazine, Industrial and Commercial Bank of China (ICBC) leapfrogged two U.S. banks to top the 2013 global ranking of banks with the most capital, highlighting the growing size and importance of Chinese lenders. ICBC topped The Banker magazine’s annual list of the top 1,000 banks for the first time, relegating Bank of America to third from first, while JPMorgan Chase remained second. ICBC was third last year.