BREAKING: Zenith Bank posts N928.8 billion pre-tax profit as impairment charges fall 70.5%

Zenith Bank Group reported pre-tax profit of N928.80 billion for the nine months ended September 2026, up 1.24% from N917.41 billion in the corresponding period of 2025.

Third-quarter pre-tax profit stood at N290.85 billion compared to N276.6 billion in the second quarter of the year and N291.7 billion a year earlier.

Lower impairment charges supported pre-tax earnings despite declining gross earnings and trading losses. However, a higher tax charge pushed profit after tax down 11.56% to N675.83 billion.

Key Highlights

Figures below reflect consolidated results, with balance-sheet comparisons against September 2025.

• Gross earnings: N2.87 trillion (Down 15.02% YoY from N3.37 trillion).
• Net interest income: N1.93 trillion (Up 0.09% YoY from N1.93 trillion).
• Net fee and commission income: N256.85 billion (Up 26.56% YoY from N202.94 billion).
• Pre-tax profit: N928.80 billion (Up 1.24% YoY from N917.41 billion).
• Profit after tax: N675.83 billion (Down 11.56% YoY from N764.20 billion).
• Earnings per share: N16.41 (Down 11.77% YoY from N18.60).
• Total assets: N34.39 trillion (Up 10.30% YoY from N31.18 trillion).
• Cash and cash equivalents: N4.38 trillion (Down 27.53% YoY from N6.04 trillion).
• Loans and advances: N11.64 trillion (Up 24.17% YoY from ₦9.37 trillion).
• Customer deposits: N27.11 trillion (Up 14.47% YoY from ₦23.69 trillion).

Driving the numbers

The main support for earnings was a sharp reduction in impairment charges. These fell 70.52% to N230.77 billion from N782.76 billion, a reduction of N551.99 billion. This helped absorb a reversal in trading performance, from a N277.65 billion gain to a N229.19 billion loss.

• Interest income declined 4.52% to N2.62 trillion. Interest earned on customer loans increased to N1.44 trillion from N1.36 trillion, but treasury-bill income fell to N572.99 billion from N740.50 billion. Income from government and other bonds also declined.
• Interest expense fell faster than interest income, dropping 15.41% to N688.73 billion. Interest expense on borrowed funds declined to N64.93 billion from N196.00 billion, helping keep net interest income broadly stable.
• Fee income provided additional support as net fee and commission income rose 26.56%, with electronic-product fees increasing to N77.17 billion from N59.06 billion.
• Other operating income reached N106.54 billion, supported by loan recoveries of N61.79 billion.

Nigeria remained the largest geographical revenue contributor, generating N2.33 trillion, equivalent to approximately 81.38% of consolidated gross earnings before allocating eliminations.

• Nigerian revenue declined 17.59%. Rest-of-Africa revenue rose 4.56% to N360.10 billion, while European revenue fell 11.13% to N176.16 billion.
• Costs continued to rise as other operating expenses increased 17.57% to N625.61 billion, including higher information technology, fuel and maintenance expenses. Personnel expenses rose 17.06% to N213.15 billion.
• The tax charge increased 65.12% to N252.97 billion, explaining why after-tax profit declined despite the modest rise in pre-tax earnings.

The balance sheet expanded, with loans reaching N11.64 trillion and deposits N27.11 trillion.

Market reaction

Zenith Bank traded at N119 per share, down 0.83% at the end day Friday October 30, 2026. The stock was also down 11.2% month-to-date.