Nigeria’s Zenith Bank reported consolidated net profit of N675.8 billion for the first nine months of 2026, down 11.6% from a year earlier. In unaudited accounts released on October 30, the lender nevertheless recorded a modest rise in pre-tax profit to N928.8 billion. A substantially higher tax charge helps explain the divergent earnings trends.
Pre-tax profit increased from N917.4 billion to N928.8 billion between January and September, even as gross earnings fell 15% to N2.865 trillion. The income-tax charge rose to N253 billion from N153.2 billion in the corresponding period of 2025, an increase of 65%. Net earnings consequently declined despite the improvement before tax.
Lower credit losses underpin pre-tax earnings
Credit impairment charges dropped by about 70%, from N781.5 billion to N230.8 billion. The reduction supported pre-tax profit as non-interest income weakened, partly because of revaluation losses on the group’s trading portfolio, according to the bank. Net interest income was virtually unchanged at approximately N1.928 trillion.
Fees and commissions provided another source of growth. Net income from these activities increased 27% to about N257 billion, helped by transaction volumes and use of digital banking services, the company said. Together with lower funding costs, this helped offset some of the pressure from weaker non-interest revenue.
Loans and deposits continue to expand
At September 30, gross loans stood at N12.256 trillion and customer deposits reached N27.115 trillion. Both had risen by roughly 11% since December 31, 2025, while total assets grew 9% to N34.387 trillion. Zenith Bank also reported a capital adequacy ratio of 24.5% and a non-performing loan ratio of 3.8% at the end of September.