Zenith Bank Plc has reported impressive financial results for the nine months ending September 30, 2025, underscoring the Group’s strong operational resilience and strategic adaptability in a challenging macroeconomic environment. The bank posted a pre-tax profit of N917.4 billion, demonstrating its ability to maintain robust profitability amid inflationary pressures, fluctuating interest rates, and evolving regulatory dynamics.
For the third quarter (Q3) alone, Zenith recorded a pre-tax profit of N291.78 billion, a 6% year-on-year growth from N275.8 billion in Q3 2024. Despite headwinds in the domestic and global markets, the bank’s performance remained driven by sustained growth in interest income and prudent cost management.
Solid Revenue Growth and Earnings Momentum
According to the unaudited financial statement, gross earnings surged by 16.29% year-on-year (YoY), reaching N3.37 trillion in the first nine months of 2025, compared to N2.89 trillion in the same period of 2024. This growth was fueled primarily by a 40.7% increase in interest income, reflecting Zenith’s ability to optimize its asset portfolio and enhance yields across key earning assets.
Interest income rose to N2.74 trillion from N1.95 trillion, driven by strong performance in both loans and advances (N1.36 trillion) and investment securities, which contributed a combined N1.14 trillion—comprising N740.5 billion from treasury bills and N400.3 billion from other investment instruments.
On the expense side, interest expenses climbed by 22.2% to N814.2 billion, largely due to higher funding costs associated with the 9.8% growth in customer deposits, which now stand at N23.69 trillion. Nonetheless, the Group maintained a strong net interest income position of N1.93 trillion, representing a remarkable 50.4% increase compared to the same period last year.
After accounting for impairment charges of N781.5 billion, net interest income after impairment stood at N1.15 trillion, a 42.2% rise from N802.9 billion in 2024. Interestingly, impairment costs dropped significantly in Q3 2025 to N20.71 billion, down from N62.5 billion in Q3 2024—an indication of improving loan quality and effective credit risk management.
Mixed Results in Non-Interest Income
Zenith Bank’s non-interest income came in at N539.7 billion, showing an 18.4% year-on-year increase. However, when compared to the bank’s exceptional 2024 trading performance, there was a marked 38% decline in total trading income. This was mainly due to a 60% drop in gains from other trading books, which fell from N755 billion in 2024 to N261 billion in 2025.
The bank even recorded a Q3 trading loss of N222.4 billion, reflecting market volatility and adjustments in foreign exchange positions.
Despite this, fees and commission income remained a strong contributor, increasing by 10.45% to N299 billion. Key drivers included account maintenance fees (N64 billion) and fees on electronic products (N59 billion), supported by continued growth in digital banking adoption, payment processing, and trade finance operations.
Balance Sheet Strength and Liquidity Management
Zenith Bank’s total assets rose modestly by 2.6% to N31.18 trillion, driven by strategic asset allocation and growth in liquidity buffers. Cash and bank balances increased significantly to N6.85 trillion from N5.38 trillion a year earlier, while investment securities rose by 2% to N4.86 trillion.
The bank’s treasury bills portfolio surged by 46% to N4.2 trillion, signaling a deliberate effort to optimize liquidity and manage risk in a volatile interest rate environment. Loans and advances to customers stood at N9.37 trillion, down slightly by 1.1%, as the Group maintained a conservative lending approach to safeguard asset quality.
On the liabilities side, customer deposits grew by 9.8% to N23.69 trillion, reinforcing depositor confidence and Zenith’s strong retail and corporate banking franchise.
Leadership Commentary and Strategic Outlook
Commenting on the results, Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, stated:
“Zenith delivered a solid nine-month performance despite a demanding backdrop. We stayed disciplined on risk, deepened customer relationships across retail and corporate segments, and deployed our balance sheet where we saw quality opportunities.”
Looking ahead, Umeoji emphasized the bank’s commitment to sustainable growth and shareholder value creation:
“As we enter the final quarter, our priorities remain clear—service excellence, prudent growth, and sustained value creation for our shareholders.”
Market Reaction and Shareholder Value
Following the release of the Q3 2025 results, Zenith Bank’s share price climbed by 38.5% year-to-date (YTD), closing at N63 per share, up from N45.50 at the start of the year. This rally reflects investor confidence in the bank’s consistent earnings performance, robust capital position, and its reputation as one of Nigeria’s most efficiently managed financial institutions.
Zenith Bank’s nine-month 2025 results highlight its resilience and strategic agility in navigating Nigeria’s complex financial environment. With solid growth in gross earnings, improved interest income, and a strong balance sheet, the Group remains well-positioned to deliver sustainable profitability.
The combination of digital innovation, strong risk governance, and strategic cost discipline will likely continue to drive Zenith Bank’s performance into the final quarter of 2025 and beyond—solidifying its position as a leader in Nigeria’s banking sector.
