Russia's ZENIT Banking Group announced recently that it has been named one of the top 1,000 largest in the world by "The Banker" magazine.

The rankings are determined using the methodology of the Bank of International Settlements in Basel, which is based on Tier 1 capital in the banks' audited financial statements for 2013.

ZENIT Banking Group was ranked 723rd, with capital ratio increasing by 8.53 percent last year and assets rising by 6.6 percent. ZENIT was 347th by capital-to-asset ratio, 582nd by return on capital and 519th in terms of return on total capital.

The overall profits of the banks included in the top 1,000 globally totaled $920 billion, more than in 2007 before the financial crisis.

Thirty-eight Russian financial institutions, including nine subsidiaries of international banks, were included in the magazine's list of top 1,000 banks this year.