Zenith Bank’s non-banking subsidiaries post N9.11 billion pre-tax profit in H1 2026

Zenith Bank Plc’s non-banking subsidiaries, Zenith Pensions Custodian Limited and Zenith Nominees Limited, recorded a combined profit before tax (PBT) of N9.11 billion in the first half of 2026, equivalent to 60.85% of their full-year 2025 earnings.

The two subsidiaries, which are 99%-owned by Zenith Bank, generated combined operating income of N13.76 billion in the six months ended June 30, 2026, while their combined total assets stood at N47.84 billion at the end of the period.

The performance was driven largely by Zenith Pensions Custodian, which accounted for the bulk of the subsidiaries’ earnings and recorded growth in pension assets under custody.

Meanwhile, Zenith Bank’s acquisition of Paramount Bank Kenya Limited in May 2026 expanded its indirect non-banking operations into East Africa, adding two entities focused on insurance distribution and financial advisory services.

Zenith Pensions Custodian drives earnings

Zenith Pensions Custodian Limited remained the group’s largest non-banking contributor, providing pension fund custodial services to licensed Pension Fund Administrators and Closed Pension Fund Administrators under the regulatory framework of the National Pension Commission (PenCom).

• The subsidiary recorded operating income of N12.54 billion and operating expenses of N4.28 billion during the first half of 2026, resulting in a PBT of N8.35 billion.
• Its total assets rose to N42.55 billion as of June 30, 2026, from N37.86 billion at the end of December 2025.

Pension assets under custody increased by 12.7% to N11.94 trillion from N10.60 trillion over the same period, reflecting growth in the value of pension assets administered by the company.

Zenith Nominees records N762 million profit

Zenith Nominees Limited, which provides nominee, trustee, administration and executorship services for non-pension capital market assets, recorded a PBT of N762 million in H1 2026.

• Its operating income stood at N1.22 billion, while operating expenses amounted to N431 million during the period.
• Total assets increased to N5.29 billion as of June 30, 2026, from N4.85 billion at the end of 2025.

Together, the two subsidiaries reported total assets of N47.84 billion, with Zenith Pensions Custodian accounting for the larger share.

Kenya acquisition expands non-banking operations

Zenith Bank’s acquisition of 100% of Paramount Bank Kenya Limited on May 11, 2026, also gave the group indirect ownership of two East African non-banking entities: Paramount Bancassurance Intermediary Limited and Paramount Capital Limited.

Paramount Bancassurance Intermediary Limited operates in insurance brokerage and bancassurance distribution, while Paramount Capital Limited provides financial advisory and capital market services.

The two entities have been consolidated into the group’s financial statements from the acquisition date, expanding its non-banking presence beyond Nigeria.

Zenith Bank Group’s profit rises 2%

At the group level, Zenith Bank recorded a 2% increase in consolidated PBT to N637.60 billion in H1 2026, from N625.6 billion in the corresponding period of 2025.

The bank attributed its performance to improved net interest margins, lower funding costs, stronger transaction-related income and a significant reduction in impairment charges.

Interest expense declined by 13% year-on-year to N421.8 billion, which management attributed to continued optimisation of the bank’s liability mix and funding structure.

The performance of the non-banking subsidiaries adds to the group’s broader earnings profile, with pension custody and capital market services complementing its core banking operations.