Zenith Bank Profit Hits US$690 Million
Zenith Bank profit before tax rose 1.2% to US$690 million in nine months, but a bigger tax bill cut profit after tax 11.6% to US$502 million. The post Zenith Bank Profit Hits US$690 Million appeared first on The Rio Times .
Zenith Bank reported a profit of US$690 million for the nine months ending 30 September 2026, marking a 1.2% increase from the previous year. The bank's profit before tax rose to N928.8 billion (US$690 million), compared to N917.4 billion (US$682 million) in the prior year. However, profit after tax decreased by 11.6% to N675.8 billion (US$502 million) from N764.2 billion (US$568 million).
Gross earnings fell by 15.0% to N2.87 trillion (US$2.13 billion), while earnings per share dropped by 11.8% to N16.41 (US$0.012). The main reason behind the profit growth was a significant reduction in loan provisions, down 70.5% to N230.8 billion (US$171 million) from N782.8 billion (US$582 million). This reduction more than compensated for a third-quarter trading loss of N229.2 billion (US$170 million) and lower interest income.
Interest income decreased by 4.5% to N2.62 trillion (US$1.95 billion), and income from treasury bills fell to N573.0 billion (US$426 million). Net fee and commission income rose by 26.6% to N256.9 billion (US$191 million), driven by electronic banking fees. Operating expenses increased by 17.6% to N625.6 billion (US$465 million), and the tax charge climbed by 65.1% to N253.0 billion (US$188 million).
Total assets grew by 10.3% to N34.39 trillion (US$25.6 billion), with customer deposits up by 14.5% to N27.11 trillion (US$20.1 billion) and loans increasing by 24.2% to N11.64 trillion (US$8.65 billion). Zenith Bank's performance highlights the bank's strategy of protecting earnings through lower loan provisions rather than stronger lending income.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
