Zenith Bank Records N928.8bn Pre-Tax Profit in 9 Months
- Zenith Bank posted a pre-tax profit of N928.8bn for the nine months to September 2026, a marginal rise from the same period last year
- Gross earnings dropped 15% to N2.87 trillion, though a sharp fall in credit impairment charges helped cushion the bank's bottom line
- Profit after tax slipped 11.6% to N675.83bn as income tax expenses surged 65.1%, while the bank's shares gained 94% on the NGX in 2026
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Zenith Bank Plc has reported a pre-tax profit of N928.8 billion for the nine months ended September 2026, a 1.24% rise from the N917.4 billion recorded in the same period of 2025, according to the bank's unaudited financial statements.
The modest growth in pre-tax profit came despite a 15% fall in gross earnings, which dropped to N2.87 trillion from N3.37 trillion. A steep 70.5% decline in credit impairment charges, from N782.76 billion to N230.77 billion, helped absorb the impact of weaker income generation during the period.
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Zenith Bank's nine-month 2026 financial performance
Key figures from the bank's results for the period include:
- Gross earnings: N2.87 trillion
- Profit before tax: N928.8 billion
- Profit after tax: N675.83 billion
- Net interest income: N1.93 trillion
- Interest income: N2.62 trillion
- Interest expenses: N688.73 billion
- Credit impairment charges: N230.77 billion
- Net fee and commission income: N256.85 billion
- Net trading loss: N229.19 billion
- Operating expenses: N1.02 trillion
- Income tax expenses: N252.97 billion
- Earnings per share: N16.41
Net interest income held steady at N1.93 trillion, with interest income easing 4.5% to N2.62 trillion and interest expenses falling 15.4% to N688.73 billion.
Net fee and commission income grew 26.6% to N256.85 billion, providing some support to earnings. The bank, however, recorded a net trading loss of N229.19 billion, a sharp reversal from a gain of N277.65 billion in the corresponding period of 2025.
Operating costs and tax bill weigh on after-tax earnings
Despite the increase in pre-tax profit, profit after tax fell 11.6% to N675.83 billion from N764.20 billion, driven largely by a 65.1% jump in income tax expenses to N252.97 billion.
Earnings per share dropped to N16.41 from N18.60.
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Operating expenses climbed 18.4% to N1.02 trillion, pressured by higher costs in technology, which stood at N97.88 billion; fuel and maintenance, at N92 billion; and personnel, which rose 17.1% to N213.15 billion.
Nigeria remained the bank's largest earnings contributor, generating N680.54 billion in pre-tax profit. Operations across the rest of Africa added N195.36 billion, while the European business contributed N55.53 billion.
The bank's balance sheet continued to expand, with total assets rising to N34.39 trillion and customer deposits growing to N27.11 trillion. Loans and advances also increased to N11.64 trillion.
Paystack microfinance bank begins operations
In a related development, Legit.ng reported that Paystack, a Nigerian fintech company, marked its 10th anniversary with the launch of a new subsidiary, Paystack Microfinance Bank (MFB), after acquiring Ladder Microfinance Bank.
Founded in Nigeria a decade ago to simplify how businesses get paid, Paystack has grown from a single payments product into a platform operating across five African countries.
Source: Legit.ng
