Zenith Bank Plc has reported a profit before tax of N637.6 billion for the half-year ended June 30, 2026, up 1.9% from N625.6 billion a year earlier. The audited results, submitted to the Nigerian Exchange (NGX), showed stronger margins, lower funding costs and a marked improvement in asset quality.
The board proposed an interim dividend of N1.50 per share — a 20% increase from the N1.25 paid in the same period last year. The dividend will be paid electronically on October 30, 2026, to shareholders on the register as of October 23, 2026.
Performance drivers
Zenith’s performance was supported by a 13% year‑on‑year reduction in interest expense to N421.8 billion, driven by optimisation of the group’s liability mix and funding structure. The cost of funds fell to 3.3% from 4.0%, and net interest income rose to N1.25 trillion, with a net interest margin of 12.4% (from 11.9%).
Transaction‑led revenues were resilient: net fee and commission income climbed 39.6% to N178.77 billion, while other operating income surged 314%. Impairment charges declined 81% to N141.1 billion after the bank cleared legacy forbearance-related facilities, improving the cost of risk to 2.2% from 14.3% in H1 2025.
Balance sheet and expansion
Gross loans increased to N12.57 trillion (up 14% from December 2025) while customer deposits rose to N26.35 trillion (up 8% from December 2025). Total assets stood at N32.65 trillion (up 4% from December 2025). The non-performing loan ratio improved slightly to 3.78% from 3.82% at end-2025.
The group expanded its international footprint by commencing operations in Côte d’Ivoire and completing the acquisition of Paramount Bank in Kenya, and added six new branches domestically. Capital and liquidity remained strong, with a capital adequacy ratio of 25.1% and a liquidity ratio of 60.5%.
Tax impact and bottom line
Adoption of the Nigerian Tax Act 2025 increased tax expense to N206.84 billion, contributing to profit after tax of N430.76 billion, down from N532.18 billion in H1 2025.
Market performance
Zenith’s shares have been among the top performers on the NGX in 2026, delivering approximately 118% year‑to‑date. The share price moved from N61.80 at the start of the year to N134.70 as of October 9, 2026, a month‑to‑date gain of 0.52%.
Key figures (H1 2026)
• Profit before tax: N637.60 billion (up 1.9% YoY)
• Profit after tax: N430.76 billion
• Net interest income: N1.25 trillion
• Net fee & commission income: N178.77 billion (up 39.6% YoY)
• Gross loans: N12.57 trillion
• Customer deposits: N26.35 trillion
• Total assets: N32.65 trillion
• Impairment charges: N141.1 billion (down 81%)
• Capital adequacy ratio: 25.1%
• Liquidity ratio: 60.5%
