However, the combined tier one capital of the nine banks is this time around slightly above the $9.842 billion of Standard Group of South Africa, the biggest bank in Africa and the 112th in the world. Standard Group's tier one capital dropped from last year's figure of $12.6 billion to this year's $9.8 billion. This fact is contained in the 2012 edition of The Banker magazine top 1000 global banks, a publication of Financial Times of London.
The Banker in its benchmarking of the top 1000 global bank said that Zenith Bank PLC had, as at 2011 financial year, a total tier one capital of $2.398 billion as against the $2.405 billion of last year. This makes Zenith Bank the biggest bank in Nigeria, the 7th in Africa and the 322nd in the world. It is followed by the first generation bank, First Bank, with a total of $2.262 billion in 2011 as against its last year's figure of $2.221 billion shareholders' stake in the bank known as tier one capital. First Bank occupies the 2nd position in the Nigerian banking sector, 8th in Africa and 338th in the globe.
The third highly capitalised bank in Nigeria by the standard of Bank of International Settlement (BIS) is GTBank with a tier one capital of $1.478 billion as against the $1.362 billion of 2010 financial year. By tier one capital ranking, it is Nigeria's 3rd biggest, 11th in Africa and 455th in the world. Access Bank followed closely with a capital of $1.054 billion as against the $1.149 billion it had last year making it the 4th largest bank in Nigeria, 15th in Africa and 541st universally.
United Bank for Africa (UBA), one of the oldest banks in the country, as at the 2011 financial year end had $1.003 billion compared to the $1.037 billion capital in 2010 making it one of the internationally recognised strong banks in the country. It is by this classification, the 5th largest bank in Nigeria, 16th in Africa and 563rd in the world. Fidelity is next with $867 million as against the $904 million tier one capital the previous year, making it the 6th biggest bank in Nigeria, 17th in Africa and 618th in the world. First City Monument Bank followed closely with $683 million compared to the $854 million capital base it had a year before. It thus becomes the 7th largest bank, 22nd in Africa and 710th in the world. Skye Bank has $665 million compared to $695 million it had previously to feature as the 721st top banks in the world, 24th in Africa and 8th in Nigeria.
However, the Nigerian banks did not rank among the top five in Africa. Zenith which is the most capitalised bank in the country ranks 7th as against its last year's 6th position in the continent. The top three banks in Africa are all from South Africa. Standard Bank Group topped the Africa chart with a capital base of $9.842 billion and is in the 112th position globally. The second is the FirstRand Bank Holdings, South Africa with a capital base of $8.471 billion. The Needbank Group Limited, also of South Africa, came third in the top 25 banks in Africa with a capital of $5.123 billion.
Attjariwafabank of Morocco, an Islamic Bank, is fourth with a capital base of $2.786 billion. Investec of South Africa came 5th in The Banker ranking of the top 25 banks in Africa with a capital base of $2.519 billion. According to The Banker, two Nigerian banks featured in the capital adequacy ratio measurement. Fidelity Bank, The Banker said, has a capital to asset ratio of 28.8 per cent, making it the soundest bank in the country. The report also said that First City Monument Bank with capital to asset ratio of 23.89 made it to the 1000 soundest capital to asset ratio banks in the world.
According to The Banker, going by the Bank of International Settlement measure, Zenith was the only Nigerian bank that attained the 1000 soundest BIS ratio of 36.