By Seun Ibiyemi
Zenith Bank Plc, Nigeria’s biggest lender by market value, reported a pre-tax profit of N625.6 billion for the first half of 2025, down 14 percent from N726.3 billion a year earlier, as soaring impairment charges offset strong growth in interest income.
According to the bank’s filing, net income slipped 8 percent to N532.2 billion in the six months through June, from N578 billion in the same period of 2024.
This came despite a 20 percent rise in gross earnings to N2.52 trillion, driven by elevated yields on loans and investment securities.
Loan-loss charges more than doubled to N760.8 billion, eroding gains from interest and trading income.
Still, net interest income nearly doubled to N1.35 trillion, while fees and commissions rose 17 percent to N128.1 billion.
The board declared an interim dividend of N1.25 per share, up from N1.00 in the prior year. Basic earnings per share fell to N12.95, compared to N18.41 in the same period of 2024.
Total assets closed the half-year at N30.99 trillion, largely unchanged from year-end, while customer deposits grew to N23.48 trillion from N21.96 trillion in December.
Shareholders’ equity also improved to N4.57 trillion from N4.03 trillion, reflecting retained earnings growth.
Analysts at Cordros Research noted that Zenith’s resilient interest income growth was capped by higher impairment charges and weaker trading gains.
They expect a lower interest rate environment to boost credit growth and support profitability going forward.
Zenith, which has subsidiaries in Ghana, the UK, Sierra Leone, and Gambia, expanded its branch network to 456 during the review period, even as it navigated Nigeria’s inflationary and tight monetary environment.