Zenith Bank Plc has reported a profit before tax of N637.6 billion for the half year ended June 30, 2026, representing a 1.9% increase from the N625.6 billion recorded in the comparable period of 2025. The audited results filed with the Nigerian Exchange attribute the growth to stronger margins, a leaner funding cost base and a significant improvement in asset quality.
The bank has proposed an interim dividend of N1.50 per share, a 20% increase from N1.25 per share in H1 2025. Electronic payment is scheduled for October 30, 2026, to shareholders whose names appear on the register of members as of October 23, 2026, and who have completed e-dividend registration. Holders of Global Depositary Receipts will be paid after that date.
The half-year results show the following movements compared with H1 2025:
- Profit before tax of N637.60 billion, up 1.91% from N625.63 billion. - Net fee and commission income of N178.77 billion, up 39.60% from N128.06 billion. - Net interest margin of 12.4%, up from 11.9%. - Gross loans of N12.57 trillion, up 14% from N11.06 trillion in December 2025. - Customer deposits of N26.35 trillion, up 8% from December 2025. - Total assets of N32.65 trillion, up 4% from December 2025.
Interest expense declined 13% year on year to N421.8 billion, which management linked to the continued optimisation of the bank's liability mix and funding structure. Net interest income stood at N1.25 trillion, while the cost of funds fell to 3.3% from 4.0%. Net fee and commission income rose approximately 40% on higher transaction volumes across digital banking channels, and other operating income increased by 314%.
Asset quality also improved. Impairment charges dropped 81% to N141.1 billion following a clean-up of forbearance-related facilities, and the cost of risk improved to 2.2% from 14.3%. The non-performing loan ratio edged down to 3.78% from 3.82% at the end of 2025.
The bank maintained a capital adequacy ratio of 25.1% and a liquidity ratio of 60.5%, both above regulatory requirements. Return on average equity was 17.6%, return on average assets was 2.7%, and the cost-to-income ratio was 49.9%. Zenith also expanded into Côte d'Ivoire, completed the acquisition of Paramount Bank in Kenya, and opened six additional branches in Nigeria.
