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

Zenith Bank Group announced a pre-tax profit of N928.80 billion for the nine months ended September 2026, marking a 1.24% increase from N917.41 billion in the same period last year. The third-quarter pre-tax profit was N290.85 billion, up from N276.6 billion in the second quarter and N291.7 billion in the previous year. Despite declining gross earnings and trading losses, lower impairment charges played a significant role in sustaining pre-tax earnings.

However, a higher tax charge resulted in profit after tax declining by 11.56% to N675.83 billion. The figures presented are consolidated results, with a comparison made against September 2025. Gross earnings decreased by 15.02% year-over-year from N3.37 trillion to N2.87 trillion, while net interest income remained stable at N1.93 trillion.

Net fee and commission income rose by 26.56% year-over-year from N202.94 billion to N256.85 billion. Profit before tax amounted to N928.80 billion, up 1.24% year-over-year from N917.41 billion. Profit after tax stood at N675.83 billion, down 11.56% year-over-year from N764.20 billion. Earnings per share decreased by 11.77% year-over-year from N18.60 to N16.41, while total assets grew by 10.30% year-over-year, reaching N34.39 trillion.

Cash and cash equivalents decreased by 27.53% year-over-year to N4.38 trillion. Loans and advances increased by 24.17% year-over-year, amounting to N11.64 trillion. Customer deposits rose by 14.47% year-over-year to N27.11 trillion. The primary driver behind earnings was a substantial reduction in impairment charges, which fell by 70.52% to N230.77 billion from N782.76 billion, helping to offset a reversal in trading performance.

In the third quarter, Nigeria contributed N2.33 trillion, representing approximately 81.38% of consolidated gross earnings before accounting for eliminations. The bank's balance sheet expanded, with loans reaching N11.64 trillion and deposits totaling N27.11 trillion. Zenith Bank's shares traded at N119 per share, down 0.83% at the end of the trading day on Friday, October 30, 2026, and were down 11.2% on a month-to-date basis.