13 Nigerian banks make world’s top 1000

Posted by: Ayodele Aminu, Group Business Editor in Featured, News 15 hours ago 4 Comments

Thirteen Nigerian banks made the list of this year’s Top 1000 World Banks Ranking of The Banker magazine of the Financial Times Group, London, United Kingdom.

Zenith Bank Plc, however, topped Nigerian banks in this year’s rating, while Union Bank of Nigeria Plc, which had been out of the league since 2009 when the banking audit revealed that the lender was undercapitalised, returned to the league of top global banks.

A statement from the Country Representative – Nigeria of The Banker, Mr. Kunle Ogedengbe, listed the 13 Nigerian banks to include Zenith Bank, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc, Ecobank Nigeria Plc, Fidelity Bank Plc and First City Monument Bank Plc.

Also included are Skye Bank Plc, Diamond Bank Plc, Stanbic IBTC Plc, 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.

Analysts see these movements as a good sign of the improvements of the soundness of the Nigerian banks among the world global banks and the robust monetary policies of the Central Bank of Nigeria (CBN).

The ranking is usually based on the definition of Tier–1 Capital as set out by Basel’s Bank for International Settlements (BIS). It also 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 parametre, Zenith Bank came top at 17.70 per cent, trailed by Guaranty Trust Bank at 16.23 per cent. Third was Fidelity Bank at 15.67 per cent. Standard Chartered Nigeria was 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.