Zenith Bank (ZENITHBANK) investor relations material

Executive summary

• H1 2026 gross earnings fell 25% YoY to N1.900tn, while PBT rose 2% to N637.603bn as impairment charges declined sharply.

• PAT declined to N430.762bn from N532.180bn; basic and diluted EPS fell to N10.48 from N12.95, with higher tax expense weighing on net income.

Financial highlights

• Interest income fell to N1.676tn from N1.839tn; interest expense eased to N421.800bn from N484.525bn, leaving net interest income at N1.254tn versus N1.355tn.

• Net fee and commission income increased to N178.774bn from N128.063bn; trading moved to a N92.244bn loss from a N467.792bn gain.

• Trading included a N284.90bn realised FX loss versus a N268.49bn FX trading gain in H1 2025; derivative valuation included a N110.6bn gain.

• Consolidated impairment fell to N141.119bn from N762.054bn; cost of risk declined to 2.2% from 14.3% YoY after the clean-up of forbearance-related facilities.

• Operating expenses were N451.327bn versus N411.287bn, while tax expense increased to N206.841bn from N93.449bn.

Outlook and guidance

• Priorities include deploying capital to attractive risk-adjusted opportunities, supporting customers across key sectors, and maintaining focus on governance, compliance and risk management.

• Capital planning incorporates stress testing and buffers above regulatory minimums; expansion plans include branch-network and IT-infrastructure growth.