Zenith Bank strengthens continental footprint with N361bn Q1 profit

Zenith Bank Plc has reinforced its position as one of Africa’s leading financial institutions after posting a strong first-quarter 2026 performance, expanding its regional footprint and securing major international banking awards.

The lender reported a profit before tax of N361 billion for the three months ended March 31, 2026, representing a 3 percent increase from the corresponding period of 2025. The result marks the highest pre-tax profit among Nigeria’s top-tier banks during the quarter.

The performance was driven by growth across key financial indicators, including net interest income, fee and commission income, shareholders’ funds and customer lending, reflecting the bank’s continued operational strength.

Zenith Bank’s total assets stood at N32.01 trillion at the end of the first quarter, while customer deposits rose 7.9 percent year-on-year to N24.47 trillion. Shareholders’ equity also increased by 16.3 percent to N5.17 trillion, highlighting stronger capital accumulation.

The bank’s loan portfolio expanded significantly, with gross loans and advances rising 8.6 percent to N12.04 trillion, while net loans increased 13.2 percent to N11.38 trillion.

Despite the increase in lending, Zenith maintained strong asset quality, recording a non-performing loan ratio of 3.79 percent, an improvement from 4.70 percent recorded at the end of 2024.

Gross earnings for the quarter climbed 6.1 percent to N1.01 trillion, while net interest income rose 7.3 percent to N34.1 billion.

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One of the strongest growth areas was fee and commission income, which surged 44.6 percent year-on-year to N81 billion, reflecting increased earnings from digital banking, transaction services and electronic payment channels.

The bank also maintained robust capital buffers, ending 2025 with a capital adequacy ratio of about 25 percent and a liquidity ratio of 71 percent, comfortably above regulatory requirements.

Investor confidence has also remained strong, with Zenith Bank’s share price gaining more than 104 percent year-to-date as of July 23, 2026, pushing its market capitalisation to approximately N5.18 trillion.

The bank’s financial performance comes amid growing international recognition.

At the Euromoney Awards for Excellence 2026, Zenith Bank won both Africa’s Best Bank and Nigeria’s Best Bank, retaining the national title for a second consecutive year.

Group Managing Director and Chief Executive Officer, Dr. Adaora Umeoji, described the awards as recognition of customers’ trust, the dedication of the bank’s workforce and its commitment to building a globally competitive African financial institution.

Beyond its financial results, Zenith Bank accelerated its Pan-African expansion strategy during the year.

In April, the bank completed the acquisition of Paramount Bank Kenya Limited, giving it a foothold in East Africa’s banking market following regulatory approvals in Nigeria and Kenya.

The lender also launched its subsidiary in Côte d’Ivoire, marking its entry into the Francophone West African market after obtaining regulatory approvals from Ivorian authorities and the West African banking regulator.

The expansion provides Zenith access to the eight-member West African Economic and Monetary Union (WAEMU), strengthening its regional presence and cross-border banking operations.

The bank has also announced plans to seek a listing on the London Stock Exchange in 2027 as part of efforts to broaden access to international capital and finance larger cross-border transactions.

Industry analysts say Zenith Bank’s combination of sustained profitability, strong capital position, improving asset quality, growing non-interest income and strategic international expansion reinforces its standing among Africa’s leading financial institutions.

The first-quarter results, combined with its recent acquisitions and international recognition, underscore the bank’s strategy of pursuing long-term growth beyond Nigeria while maintaining strong financial fundamentals at home.