Zenith Bank posts N675.83bn after-tax profit in nine months as tax bill jumps 65%

Zenith Bank Plc recorded a profit after tax of N675.83 billion for the nine months ended September 2026, down 11.6% from N764.20 billion in the same period of 2025. The decline came even as pre-tax profit edged up 1.24% to N928.8 billion from N917.4 billion, according to the bank's unaudited financial statements.

Gross earnings fell 15% to N2.87 trillion from N3.37 trillion. A steep 70.5% drop in credit impairment charges, from N782.76 billion to N230.77 billion, helped cushion the impact of weaker income generation.

Loan loss charges fall, trading income turns negative

Net interest income held steady at N1.93 trillion. Interest income eased 4.5% to N2.62 trillion while interest expenses fell 15.4% to N688.73 billion.

Net fee and commission income grew 26.6% to N256.85 billion, giving the bank some support. But trading flipped into a loss. The bank recorded a net trading loss of N229.19 billion, a sharp reversal from a gain of N277.65 billion in the corresponding period of 2025.

The gap between pre-tax and after-tax profit was driven by tax. Income tax expenses jumped 65.1% to N252.97 billion, pulling profit after tax down to N675.83 billion. Earnings per share fell to N16.41 from N18.60.

Nigeria delivers N680.54bn of pre-tax profit

Nigeria remained the bank's biggest earnings source, contributing N680.54 billion in pre-tax profit. Operations across the rest of Africa added N195.36 billion, while the European business contributed N55.53 billion.

Operating expenses climbed 18.4% to N1.02 trillion, pressured by technology costs at N97.88 billion and fuel and maintenance at N92 billion. Personnel costs rose 17.1% to N213.15 billion.

The balance sheet continued to expand. Total assets rose to N34.39 trillion, customer deposits grew to N27.11 trillion, and loans and advances increased to N11.64 trillion.

Share price up 94% on the NGX

Investors have looked past the profit dip. Zenith Bank shares gained 94% on the Nigerian Exchange in 2026, one of the strongest runs among listed banks.

The results show a bank earning less from its core lending book but paying far less to cover bad loans, a mix that kept pre-tax profit slightly ahead of last year. The heavier tax charge, not the operating business, is what took the bottom line lower.

For Nigerian businesses and consumers, the numbers point to a lender still growing its loan book and deposit base while watching costs. The 18.4% rise in operating expenses, coming in a year of fuel price pressure and technology spending, is the part to track in the full year numbers.