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ZENITH BANK ACHIEVES EXCEPTIONAL TRIPLE-DIGIT GROWTH IN TOPLINE AND BOTTOM LINE PERFORMANCE IN Q3 2023
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023. Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period. The growth in the topline arose from both interest income and non-interest income. Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion. The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period. Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets. Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023. The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023.Gross loans increased by 48% from N4.1 trillion in December 2022 to N6.1 trillion in September 2023 due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8% in the period ended 30 September 2023, which is well below prudential limits. Net interest margin (NIM) printed at 5.6% from 6.2% reported in September 2022 due to low yield in government securities. Capital adequacy ratio improved marginally to 20.1% from 19.8% while liquidity ratio declined from 75% to 68%. However, all our prudential ratios remain above regulatory thresholds. The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE
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Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing thenarrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycuratedinitiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflectsa deliberate, pan-African strategy to nurture potential from the earliest age.Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over threeyears, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling beecontestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’sAccount (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,andZenith Bank branded gifts.The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 statesandtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetopperformer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy ProgramundertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,deploying 137 bank employee volunteers as educators.In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bankhasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includingaComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequippedlibraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIslandSecondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barrierswith N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructureupgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis CatholicSecondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhoodsavings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates theInternational Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrualhealth education to keep girls in school and promote SDGs 3, 4, and 5.The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwithBosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits toorphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’sStrive Conference empowers over 2,000 adolescents with life skills and leadership training.Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, GroupManaging Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate childrenbecausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘Ibelievethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingourinvestmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,fromPHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bankrenews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagshipCorporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcaseof unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing, -
andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,confidence, and celebration of young Nigerian identity.ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,andprepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them welland letting them lead the way because the future belongs to children who are equipped today.

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ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING
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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH
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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
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