Zenith Bank Plc has posted gross earnings of N950 billion in its first quarter 2025 unaudited results for the period ended March 31, 2025. The performance represents 22 per cent rise from N781 billion reported in first quarter of 2024.
The unaudited statement of account submitted to the Nigerian Exchange (NGX) on Wednesday showed the growth in the top-line was driven by 72 per cent increase in the group’s interest and similar income which rose from N489 billion in first quarter of 2024 to N838 billion in the period under review.
The growth in interest income was on the back of the sustained high-interest rate environment. However, non-interest income declined by 67 per cent, with the increase in other operating income outpaced by the drop in trading gains, and promise of superior value delivery to shareholders.
The Group also recorded a 10 per cent Year on Year (YoY) increase in Profit Before Tax (PBT), which stood at N351 billion as against N320 billion recorded in first quarter of 2024. Relative to the same period, Profit After Tax (PAT) also rose 21 per cent to N312 billion.
The profitability was further enhanced by a decline in the cost of funds, which stood at 3.9 per cent in first quarter of 2025 versus four per cent in first quarter of 2024.
The cost of risk dropped to 1.8 per cent against the 2.8 per cent reported in March 2024. These reductions reflect the Bank’s proactive deposit mix optimisation, improved asset quality and enhanced risk management, contributing to overall earnings resilience. Net interest margin (NIM) improved to 10.3 per cent in first quarter of 2025, up from 8.3 per cent in first quarter of 2024.
Return on Average Equity (ROAE) and Return on Average Assets (ROAA) both declined YoY to 29.4 per cent and four per cent, respectively. This decline reflects the impact of the recent industrywide recapitalization exercise, which expanded the Bank’s shareholding base.
Gross loans reported a measured growth of one per cent from N11 trillion in December 2024 to N11.08 trillion in March 2025, as the Bank cautiously grows its loan book. Customer deposits grew by three per cent from N21.96 trillion in December 2024 to N22.68 trillion in March 2025. Total assets increased by eight per cent to N32.42 trillion within the same period.
Prudential ratios remained well above the minimum regulatory requirement. At the end of first quarter of 2025, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 24 per cent and 60 per cent respectively, while Coverage Ratio remains strong at 217.2%, demonstrating the Bank’s enduring ability to maintain a robust and liquid balance sheet.
As the Bank pursues enhanced profitability, its focus on cost efficiency, delivering superior customer experience, and a strategic improvement on digital adoption remain at the forefront of its blueprint. In addition, the Bank is well-positioned to deploy further capital to expedite its ongoing expansion plans as it seeks to create enhanced shareholder value and go for growth.
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 fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.
The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.
