Zenith Bank’s foreign subsidiaries post N166 billion pre-tax profit in H1 2026

Zenith Bank Plc’s non-Nigerian subsidiaries recorded a combined profit before tax (PBT) of N166.09 billion in the first half of 2026, as its international operations continued to contribute to the group’s earnings.

The profit represents 49.85% of the N331.77 billion PBT reported by the foreign subsidiaries for the full 2025 financial year.

According to the bank’s H1 2026 financial report, its international operations across Ghana, the United Kingdom, Sierra Leone, The Gambia, Kenya and Côte d’Ivoire generated combined operating income of N359.57 billion during the period.

The group’s non-Nigerian assets stood at N8.50 trillion, reflecting the scale of its international operations, with Zenith Bank UK and Zenith Bank Ghana accounting for significant portions of the portfolio.

Ghana leads foreign subsidiaries’ earnings

Zenith Bank (Ghana) Limited was the largest contributor to the foreign subsidiaries’ pre-tax profit, recording N106.87 billion in H1 2026.

• The subsidiary generated operating income of N202.99 billion, while its profit after tax (PAT) stood at N69.30 billion.
• Its H1 pre-tax profit was equivalent to 55.26% of the N193.37 billion recorded for the full 2025 financial year.
• Zenith Bank Ghana closed the half-year with total assets of N3.60 trillion and customer deposits of N2.98 trillion, underscoring its importance to the group’s international earnings.

UK subsidiary remains largest offshore operation

Zenith Bank (UK) Limited generated operating income of N115.02 billion and PBT of N33.57 billion during the first half of 2026.

Its profit after tax stood at N26.04 billion, while customer deposits reached N3.60 trillion and total assets rose to N4.27 trillion.

The UK subsidiary remains the group’s largest offshore operation by balance-sheet size, accounting for approximately half of its N8.50 trillion in non-Nigerian assets.

The bank serves as a hub for wholesale banking and international trade finance and also maintains operational branches in the United Arab Emirates and France.

Sierra Leone and The Gambia record profits

Zenith Bank’s operations in Sierra Leone and The Gambia also contributed to the group’s international earnings.

Zenith Bank (Sierra Leone) Limited recorded operating income of N25.99 billion and PBT of N20.69 billion in H1 2026. Its PAT stood at N15.52 billion, while total assets reached N243.83 billion and customer deposits amounted to N171.98 billion.

Zenith Bank (The Gambia) Limited generated operating income of N9.29 billion and PBT of N4.24 billion. The subsidiary reported PAT of N2.97 billion, with total assets of N133.96 billion and customer deposits of N84.90 billion.

Kenya, Côte d’Ivoire expand international footprint

The first half of 2026 also marked milestones in Zenith Bank’s expansion into East Africa and Francophone West Africa.

On May 11, 2026, the group completed its acquisition of 100% of Paramount Bank Kenya Limited, which contributed N3.07 billion in operating income and N495 million in PBT during the period.

• The Kenyan subsidiary reported PAT of N575 million and total assets of N184.09 billion during its initial post-acquisition consolidation phase.
• The transaction also generated a N2.29 billion gain on bargain purchase, recognised in the group’s profit or loss statement.
• In Côte d’Ivoire, Zenith Bank’s new subsidiary, which commenced operations in April 2026, recorded operating income of N3.22 billion and PBT of N220 million. PAT stood at N165 million, while total assets reached N76.66 billion at the end of the period.

The two operations represent the group’s expansion into additional African markets, extending its presence beyond its established West African businesses and UK operations.

Zenith Bank raises interim dividend by 20%

Alongside its international operations, Zenith Bank proposed an interim dividend of N1.50 per share for H1 2026, up 20% from N1.25 per share paid for the corresponding period of 2025.

The dividend is scheduled for electronic payment on October 30, 2026, to shareholders whose names appear on the register of members as of October 23, 2026, and who have completed their e-dividend registration and authorised direct payment into their bank accounts.

Holders of the bank’s Global Depositary Receipts (GDRs) will receive their dividends after that date.