Manny Ita –
Zenith Bank Plc has kicked off 2026 with a strong financial performance, posting an unaudited pre-tax profit of N360.92 billion for the first quarter ended March 31, 2026, highlighting its resilience despite a challenging economic environment.
According to its filing on the Nigerian Exchange, the bank’s profit before tax rose by 2.87% year-on-year from N350.82 billion recorded in Q1 2025. Profit after tax also increased slightly by 0.69% to N314.02 billion, reflecting steady earnings growth amid rising loan impairments and cost pressures.
The bank’s gross revenue crossed the N1 trillion mark, reaching N1.01 trillion—a 6.14% increase compared to the same period last year. This growth was largely driven by higher interest income, which climbed to N869.10 billion, while interest expenses dropped by 4.64% to N235.02 billion. As a result, net interest income rose by 7.24% to N634.08 billion.
Non-interest income also showed strong improvement, with net fee and commission income surging by 44.53% to N81.05 billion, supported by increased transaction volumes and greater adoption of digital banking services. However, loan impairments grew by 16.53% to N57.57 billion, reflecting a cautious stance on credit risk amid macroeconomic uncertainties. After accounting for these impairments, net interest income stood at N576.51 billion, up 6.42%.
Earnings per share edged up to N7.64, while shareholders’ funds expanded by 16.32% to N5.17 trillion, reinforcing the bank’s solid capital base.
On the balance sheet, total assets declined slightly by 1.24% to N32.01 trillion, largely due to adjustments in certain asset classes. Total liabilities also fell by 4.04% to N26.85 trillion, mainly driven by reduced borrowings, signaling improved funding efficiency.
Lending activity remained strong, with loans and advances increasing by 13.25% to N11.38 trillion. Customer deposits rose by 7.87% to N24.47 trillion, reflecting continued customer confidence and a healthy liquidity position.
Stock Performance and Market Standing
Zenith Bank’s strong fundamentals have been mirrored in its stock performance. The shares have maintained an upward trajectory since mid-April, hitting a high of N135.90 on April 24 before adjusting for a final dividend of N8.75 per share. After the adjustment, the stock traded around N121.85 on April 27 and climbed to N128.50 by April 30, representing a 2.4% daily gain.
Year-to-date, the stock has surged by 108% from its opening price of N61.80, making it one of the top-performing equities on the exchange. With a market capitalization of about N5.28 trillion, the bank ranks among the most valuable listed companies, accounting for roughly 3.39% of the market.
Milestone Growth and Digital Strategy
Earlier in the year, Zenith Bank became the first Nigerian bank to exceed a N5 trillion market capitalization, solidifying its position as a leading banking stock. This milestone followed a sharp rally in its share price between December 2025 and March 2026, when it rose from N61.80 to an all-time high of N113.30.
A key factor behind this growth has been the bank’s investment in technology. Following a major core banking upgrade in 2024, the institution improved operational efficiency and scalability. Digital solutions such as the “eaZy by Zenith” platform, alongside enhanced data analytics and cybersecurity systems, have strengthened service delivery and reduced operational inefficiencies.
Global Recognition and Expansion
Zenith Bank continues to receive international recognition, having been ranked Nigeria’s top lender by Tier-1 capital for the 16th consecutive year in The Banker magazine’s “Top 1000 World Banks” ranking.
In line with its expansion strategy, the bank recently inaugurated a new operational office in Côte d’Ivoire, marking its entry into Francophone West Africa. Nigeria’s Minister of Interior, Olubunmi Tunji-Ojo, represented President Bola Ahmed Tinubu at the event, which attracted dignitaries from across the continent.
Despite rising impairments and broader economic challenges, Zenith Bank’s Q1 2026 results reflect a stable and evolving institution. With strong capital buffers, expanding digital capabilities, and sustained investor confidence, the bank appears well-positioned to maintain its leadership in Nigeria’s banking sector throughout the year.
