Zenith Bank was chosen after Standard Bank Group, ABSA Group Limited, First Rand Banking Holding, Nedbank Group Limited and Investec Bank Limited all from South Africa as well as Attijariwafa Bank of Morocco in North Africa.
The Nigerian bank was however rated first in the West African sub-region based on generated from its 2009 financial statement.
A summary of the study published in the October edition of African Business Magazine, Zenith soared above other Nigerian banks in all the indices used for the assessment. According to the publishers, the prime 100 African banks were ranked based on Tier I capital namely (a) shareholders equity and retained profit or net earnings, (b)qualifying non cumulative preferred stocks up to a maximum of 25 per cent of core capital,(c)minority interest on equity account for consolidated subsidiaries.
In terms of capital base Zenith Bank reported a total of $2270million, while its assets stood at $11, 202million with Return on Equity at 10 .4 per cent as at the financial year ended December 31, 2009. Other statistics that gave the bank an edge over other competitors include, a Return on Asset of 2.1 per cent, a profit of $237million dollars and a Capital Adequacy Ratio of 20.3 percent.
The Basle Capital Convergence Accord operated in most of the countries drawn into the sample requires banks to hold Tier 1capital equivalent to at least 8 percent of their risk adjusted assets with half of this in the form of core capital and other half comprising Tier 2 capital.
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