By Ayomide Otitoju
Zenith Bank Plc has strengthened its position as one of Africa’s leading financial institutions after posting a strong first-quarter 2026 performance, expanding its operations across the continent and earning top international recognition.
The lender recently secured the prestigious Africa’s Best Bank and Nigeria’s Best Bank titles at the 2026 Euromoney Awards for Excellence, underscoring its growing reputation in the African banking industry.
As part of its expansion strategy, Zenith Bank completed the acquisition of a Kenyan lender, launched a new subsidiary in Côte d’Ivoire and unveiled plans to list on the London Stock Exchange in 2027.
The bank said the strategic moves are aimed at strengthening its presence across Africa, expanding its international operations and enhancing access to global capital markets as it pursues long-term growth.
Zenith’s unaudited financial results for the three months ended March 31, 2026, showed continued growth across key performance indicators, with profit before tax rising three per cent year-on-year to ₦361 billion, the highest among Nigeria’s seven largest banks.
The Lagos-based lender also reported strong improvements in net interest income, fee income and shareholders’ equity, reflecting sustained profitability despite a challenging operating environment.
Total assets stood at ₦32.01 trillion at the end of the first quarter, representing a 1.8 per cent increase from ₦31.46 trillion recorded at the end of December 2025. Customer deposits also grew by 7.9 per cent year-on-year to ₦24.47 trillion, while shareholders’ equity increased 16.3 per cent to ₦5.17 trillion, underscoring the bank’s strong capital position.
The results indicate that Zenith Bank continues to strengthen its balance sheet through steady earnings growth while maintaining a disciplined approach to capital management.
The lender’s recent expansion strategy has also accelerated its Pan-African ambitions. Earlier this year, Zenith completed the acquisition of Paramount Bank Kenya Limited, giving it a foothold in East Africa. It also established a subsidiary in Côte d’Ivoire, marking its entry into the Francophone West African market.
In addition, the bank has announced plans to seek a listing on the London Stock Exchange in 2027 to broaden access to international capital and support its expanding cross-border operations.
Industry observers say the combination of strong financial performance, international expansion and continued recognition by global financial institutions further cements Zenith Bank’s reputation as one of Nigeria’s most profitable and best-capitalised lenders.
Zenith Bank has further strengthened its position among Nigeria’s leading financial institutions, posting robust financial results, expanding across Africa and earning major international recognition in 2026.
The bank’s strong capital growth has translated into increased investor confidence, with its shares rising more than 104 per cent year-to-date as of July 23, 2026, pushing its market capitalisation to approximately ₦5.18 trillion. According to the latest Brand Finance report, Zenith also recorded the fastest brand value growth among Africa’s leading banks, with a 33.6 per cent increase.
Although Access Holdings remains Nigeria’s largest bank by total assets, reporting ₦51.56 trillion in 2025, Zenith continued to distinguish itself through higher capital efficiency, generating stronger profitability relative to the size of its balance sheet.
The bank’s first-quarter 2026 performance reflected continued expansion in lending activities. Gross loans and advances rose 8.6 per cent year-on-year to ₦12.04 trillion, while net loans increased 13.2 per cent to ₦11.38 trillion, driven by new lending and improvements in asset quality.
Zenith also maintained healthy credit quality, with its non-performing loan (NPL) ratio improving to 3.79 per cent at the end of March 2026, down from 4.70 per cent recorded at the end of 2024. The bank’s loan-loss coverage ratio of 172.6 per cent for the 2025 financial year remained well above regulatory requirements, highlighting its strong risk management framework.
Financial performance remained solid during the quarter as gross earnings increased 6.1 per cent year-on-year to ₦1.01 trillion. Net interest income climbed 7.3 per cent to ₦634.1 billion, the highest recorded among Nigerian banks during the period.
Non-interest income also recorded significant growth, with net fee and commission income surging 44.6 per cent to ₦81 billion, reflecting increased earnings from transaction banking, digital banking services and card-related businesses.
For the 2025 financial year, Zenith reported a net interest margin of 13.7 per cent, while return on average equity stood at 23.2 per cent and return on average assets reached 3.4 per cent, underscoring the bank’s strong profitability.
Shareholders also benefited from the bank’s performance after the board doubled the total dividend for 2025 to ₦10.00 per share, comprising an interim dividend of ₦1.25 and a final dividend of ₦8.75. The payout amounted to about ₦410.7 billion, making it one of the largest dividend distributions in Nigeria’s corporate history.
Zenith maintained efficient cost management, reporting a 45.2 per cent cost-to-income ratio for the 2025 financial year, while first-quarter 2026 operating expenses accounted for about 47.15 per cent of operating income.
The bank also continued to maintain a strong capital base. Its capital adequacy ratio stood at about 25 per cent, while its liquidity ratio reached 71 per cent, comfortably exceeding the Central Bank of Nigeria’s minimum regulatory requirements for systemically important banks.
Fitch Ratings estimated Zenith’s standalone capital ratio at 25.8 per cent at the end of 2025, while investment firm CardinalStone projected the ratio would improve to 28.7 per cent in 2026 and 30.8 per cent in 2027, supported by retained earnings.
Zenith’s achievements also earned international recognition. At the Euromoney Awards for Excellence 2026 held in London on July 16, the bank was named both Africa’s Best Bank and Nigeria’s Best Bank, marking its second consecutive national title.
Commenting on the achievement, Group Managing Director and Chief Executive Officer, Dr. Adaora Umeoji, described the awards as a reflection of customers’ trust, the commitment of the bank’s workforce and Zenith’s ambition to build a leading African financial institution.
The bank has also accelerated its international expansion strategy. In April 2026, Zenith completed the acquisition of Paramount Bank Kenya Limited after securing regulatory approvals from authorities in Kenya and Nigeria.
The acquisition provides Zenith with a strategic presence in East Africa’s largest economy and strengthens its growing pan-African network as it continues to expand beyond Nigeria.
Zenith Bank Plc is accelerating its international expansion strategy with new operations in East and West Africa, while advancing plans to list on the London Stock Exchange (LSE) in 2027 as it seeks to strengthen its position as a leading African financial institution.
Following its acquisition of Paramount Bank Kenya Limited, Zenith secured a strategic foothold in East Africa’s largest economy, Kenya, which has a gross domestic product (GDP) exceeding $136 billion. The acquisition is expected to strengthen the bank’s corporate banking and trade finance operations beyond West Africa.
The lender further expanded its continental footprint on April 29, 2026, with the official launch of its subsidiary in Côte d’Ivoire at SCI Wall Street in Abidjan’s Plateau business district. The move marks Zenith’s first entry into Francophone West Africa after obtaining a banking licence from the Ivorian Ministry of Finance and Budget in December 2025 and regulatory approval from the UMOA Banking Commission.
Led by Cédric Tano, the new subsidiary provides Zenith with direct access to the eight-member West African Economic and Monetary Union (WAEMU), comprising Senegal, Mali, Burkina Faso, Niger, Guinea-Bissau, Togo, Benin and Côte d’Ivoire. The expansion complements the bank’s growing presence in Cameroon and the Central African Economic and Monetary Community (CEMAC).
Speaking at the launch, Tano described the new subsidiary as a strategic step into a rapidly growing regional market, while Group Managing Director and Chief Executive Officer, Dr. Adaora Umeoji, said the expansion reflects the vision of Zenith Bank’s founder, Jim Ovia, to build a globally recognised African banking brand.
The Côte d’Ivoire expansion follows the bank’s ₦350.5 billion capital raise completed in 2025, with about 40 per cent of the proceeds earmarked for international expansion. Zenith has also secured approval to establish a Paris branch to support its operations across Francophone Africa.
The bank is also preparing for a London Stock Exchange listing in 2027, a move aimed at broadening access to international capital and supporting larger cross-border financing opportunities. According to Bloomberg, the proposed listing is intended to strengthen the bank’s capital base and enhance its ability to finance transactions across the United Kingdom and other international markets.
A spokesperson for Zenith Bank said the planned listing would provide additional funding capacity to support the bank’s growing pipeline of international deals, building on its existing UK subsidiary and Manchester branch network.
Industry analysts say Zenith’s expansion into Kenya and Côte d’Ivoire, combined with its planned London listing, reflects a long-term strategy to diversify beyond its domestic market and strengthen its presence across Africa and global financial markets.
The expansion comes alongside strong financial performance, improved asset quality, rising profitability and growing shareholder returns, reinforcing the bank’s reputation as one of Nigeria’s strongest and most capitalised lenders.
With sustained earnings growth, a solid capital position and an expanding international footprint, Zenith Bank continues to strengthen its standing among Africa’s leading financial institutions while positioning itself for long-term growth in regional and global markets.
