Zenith Bank, one of Nigeria's biggest banks, kept its pre-tax profit growing in 2026, but only just, and only because it set aside far less money for bad loans. The bank made ₦928.80 billion before tax in the nine months to September, up 1.24% from ₦917.41 billion a year earlier, according to Nairametrics, which analysed the results released on Friday, 30 October.
Where the money came from
Most other lines moved the wrong way. Gross earnings fell 15.02% to ₦2.87 trillion and interest income fell 4.52% to ₦2.62 trillion, with income from treasury bills down to ₦572.99 billion from ₦740.50 billion. Trading swung from a ₦277.65 billion gain to a ₦229.19 billion loss. Net interest income was flat at ₦1.93 trillion, because the bank also paid 15.41% less in interest.
- Fees and commissions rose 26.56% to ₦256.85 billion; electronic-product fees alone rose to ₦77.17 billion from ₦59.06 billion.
- Operating expenses rose 17.57% to ₦625.61 billion and staff costs 17.06% to ₦213.15 billion.
- The tax charge jumped 65.12% to ₦252.97 billion, pulling profit after tax down 11.56% to ₦675.83 billion and earnings per share to ₦16.41 from ₦18.60.
The balance sheet kept growing. Loans and advances rose 24.17% to ₦11.64 trillion and customer deposits 14.47% to ₦27.11 trillion, taking total assets to ₦34.39 trillion. Nigeria still produced about 81% of gross earnings before eliminations, at ₦2.33 trillion, down 17.59%; the rest of Africa grew 4.56% to ₦360.10 billion.
Related · StartupsNigerian Stocks Hit ₦165 Trillion as Dangote Cement SurgesThe NGX closed the week at a record ₦165.11 trillion, up ₦4.6 trillion, as Dangote Cement jumped 27.8% and passed Airtel Africa as Nigeria's most valuable firm.Investors were not impressed before the numbers landed: Zenith's shares closed at ₦119 on Friday on the Nigerian Exchange, down 0.83% on the day and 11.2% this month, according to Nairametrics, even as the exchange's total market value hit a record ₦165.11 trillion.
