Zenith Bank PLCNSENG: ZENITHBANK

Quarter 3 - financial Statement for 2026

· Issued by Zenith Bank PLC

Summary by 6ix AI

Zenith Bank Plc, a Nigerian bank, reported unaudited group profit after tax of 675,826 million naira for the nine months ended September 30, 2026, compared with 764,204 million naira for the nine months ended September 30, 2025. The board approved the statements for issue on October 29, 2026.

Key details

  • Group gross earnings were 2,865,288 million naira for the nine months ended September 30, 2026, against 3,371,829 million naira a year earlier. Profit before tax was 928,797 million naira, against 917,412 million naira.
  • The group impairment charge, meaning money set aside for expected credit losses, was 230,770 million naira for the nine months, against 782,763 million naira a year earlier. Trading income was a loss of 229,194 million naira, against a gain of 277,654 million naira.
  • Basic and diluted earnings per share were 16.41 naira for the nine months, against 18.60 naira a year earlier. For the three months ended September 30, 2026, group profit after tax was 244,719 million naira and earnings per share were 5.94 naira.
  • At September 30, 2026, group total assets were 34,387,321 million naira, customers' deposits were 27,114,756 million naira, and loans and advances were 11,636,702 million naira.
  • On May 11, 2026, Zenith Bank Plc acquired 100% of Paramount Bank Kenya Limited, a commercial bank in Kenya, after receiving regulatory approvals in Kenya and Nigeria. In April 2026 it set up a wholly owned subsidiary, Zenith Bank Cote d'Ivoire.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/zenith-bank-quarter-3-financial-statement-for-2026

ZENIYH BANK PLC

RC: 150224 HEAD OFFICE

Zenith Heights, Plot 84/87 Ajose Adeogun Street,

. P. O. Box 75315, Victoria Island, Lagos, t• Tel: (0201) 2787000, 2927000, 4647000

https://www.zenithbank.com I SWIFT: ZEIBNGLA

CONSOLIDATED AND SEPARATE UNAUDITED INTERIPI FINANCIAL STATENIENTS FOR THE PERIOD ENDED 30 SEPTENIBER 2026

THE BOARD:

Chairman: Engr. Mustafa Bella | Group Managing Diremor/CEO: Oame (Dr.) Adaora Umeojl, OON.

Executive Directors: Adobi Nwapa | Ak!ndele Ogunrantl | Adamu Saliu Lawanl | Louts Odom I KennedyOkwudili Non-Executives:Dr. AI-MuJtaba Abubakar MFR. | Omobola Ibidapo-Obe Ogunfowora (Ph.D)

Peter Olatunde Bamkole (Ph.Dj | Chuks Emma Okoh I Dr. Juliet Ehlmuan | Pamela Yough | Dr. Rislana Kanya AbduJazeez

‌Index Page

Certification pursuant to section 60(2) of Investment and Securities Act No.29 of 2007 2

Statements of profit or loss and other comprehensive income 3 - 4

Statements of financial position 5 - 6

Statements of changes in equity 7 - 8

Statements of cash flows 9 - 10

Notes to the interim consolidated and separate financial statements 11 - 34

‌Certification pursuant to section 60(2) of Investment and Securities Act No.29 of 2007

We the undersigned hereby certify the following with regards to our financial report for the period ended 30 September 2026 that:

  1. We have reviewed the report;

  2. To the best of our knowledge, the report does not contain:

    1. Any untrue statement of a material fact, or

    2. Omission of material fact, which would make the statements misleading in the light of the circumstances under which such statements were made;

  3. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the bank as of, and the periods presented in the report.

  4. We:

    1. Are responsible for establishing and maintaining internal controls;

    2. Have designed such internal controls to ensure that material information relating to the bank and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the reports are being prepared;

    3. Have evaluated the effectiveness of the bank's internal controls as of date within 90 days prior to the reports;

    4. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

  5. We have disclosed to the audit committee:

    1. All significant deficiencies in the design or operation of internal controls which would adversely affect the bank's ability to record, process, summarize and report financial data and have identified for the bank's auditors any material weakness in internal controls, and

    2. Any fraud, whether or not material, that involve management or other employees who have significant role in the bank's internal controls;

  6. We have identified in the report whether or not there were significant changes in the internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

Engr. Mustafa Bello Dame (Dr.) Adaora Umeoji,OON

Chairman Group Managing Director/CEO

FRC/2026/PRO/DIR/003/693530 FRC/2024/PRO/DIR/003/967545

In millions of Naira

Note

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

2026

2026

2025

2025

2026

2026

2025

2025

Gross earnings

965,001

2,865,288

3,371,829

4,192,003

773,674

2,310,005

2,813,143

3,408,890

Interest and similar income

13

941,018

2,617,139

2,740,946

3,672,961

795,499

2,200,331

2,300,823

3,042,400

Interest and similar expense

14

(266,929)

(688,727)

(814,227)

(1,033,429)

(213,216)

(550,025)

(637,755)

(801,823)

Net interest income

674,089

1,928,412

1,926,719

2,639,532

582,283

1,650,306

1,663,068

2,240,577

Impairment charge

15

(89,650)

(230,770)

(782,763)

(742,188)

(90,000)

(230,673)

(777,385)

(725,973)

Net interest income after impairment charge

584,439

1,697,642

1,143,956

1,897,344

492,283

1,419,633

885,683

1,514,604

Net fee and commission income

16

78,075

256,849

202,943

291,800

47,721

171,190

134,300

193,297

Trading income

18

(136,950)

(229,194)

277,654

(63,114)

(143,212)

(260,043)

242,413

(119,020)

Other operating income

17

34,572

106,544

54,185

176,262

31,794

90,775

45,276

178,840

Impairment credit/charge on non-financial instruments

15b

-

-

1,239

578

-

-

1,239

578

Depreciation of property and equipment

32

(17,374)

(52,797)

(37,742)

(58,576)

(13,776)

(40,797)

(29,241)

(42,729)

Amortisation of intangible assets

33

(2,927)

(11,484)

(10,625)

(16,940)

(3,248)

(9,813)

(9,217)

(12,725)

Personnel expenses

(74,701)

(213,152)

(182,083)

(294,114)

(51,345)

(144,228)

(120,964)

(201,811)

Other operating expenses

19

(174,285)

(625,611)

(532,115)

(669,870)

(154,250)

(560,546)

(477,426)

(587,892)

Profit before tax

290,849

928,797

917,412

1,263,370

205,967

666,171

672,063

923,142

Income tax expense

20a

(46,130)

(252,971)

(153,208)

(222,824)

(46,044)

(198,821)

(92,992)

(110,059)

Profit after tax

244,719

675,826

764,204

1,040,546

159,923

467,350

579,071

813,083

Other comprehensive income:

Items that will never be reclassified to profit or loss Fair value movements on equity instruments at FVOCI

(12,205)

(27,567)

29,485

7,379

(12,205)

(27,567)

29,485

7,379

Impact of adopting IAS 29 on 1 January

-

-

31,843

141,402

-

-

-

-

Total items that will never be reclassified to profit or loss

(12,205)

(27,567)

61,328

148,781

(12,205)

(27,567)

29,485

7,379

Items that are or may be reclassified to profit or loss: Foreign currency translation differences

(64,256)

(132,418)

43,029

(82,128)

-

-

-

-

Fair value movement on debt securities at FVOCI

(6,643)

(7,558)

6,470

4,583

-

-

-

-

Income tax relating to FV on debt securities at FVOCI

-

-

-

(1,223)

-

-

-

-

Other comprehensive income/(loss) for the period/year

(83,104)

(167,543)

110,827

70,013

(12,205)

(27,567)

29,485

7,379

Total comprehensive income for the period/year

161,615

508,283

875,031

1,110,559

147,718

439,783

608,556

820,462

Notes

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

2026

2026

2025

2025

2026

2026

2025

2025

Profit attributable to: Equity holders of the parent

243,871

674,140

763,857

1,039,747

159,923

467,350

579,071

813,083

Non-controlling interest

848

1,686

347

799

-

-

-

-

244,719

675,826

764,204

1,040,546

159,923

467,350

579,071

813,083

Total comprehensive income attributable to: Equity holders of the parent

160,767

506,946

874,684

1,109,130

147,718

439,783

608,556

820,462

Non-controlling interest

848

1,337

347

1,429

-

-

-

-

161,615

508,283

875,031

1,110,559

147,718

439,783

608,556

820,462

Earnings per share

Basic and diluted (Naira)

21

5.94

16.41

18.60

25.32

3.89

11.38

14.10

19.80

In millions of Naira

Note

30 September

30 September

31 December

30 September

30 September

31 December

2026

2025

2025

2026

2025

2025

Assets

Cash and bank balances with central banks

22

7,658,966

6,850,825

6,925,426

6,540,160

6,193,002

5,891,436

Treasury bills

23

3,277,318

4,191,254

4,662,814

2,584,977

3,558,480

3,893,729

Assets pledged as collateral

24

94,189

100,764

115,525

94,189

100,764

94,477

Due from other banks

25

4,576,511

4,404,085

2,721,675

3,800,945

3,324,382

2,450,381

Derivative assets

26

5,135

140,633

8,146

2,460

136,749

1,416

Loans and advances

27

11,636,702

9,371,453

10,448,952

9,371,398

7,500,862

8,167,344

Investment securities

28

5,391,086

4,859,403

5,409,945

2,192,185

2,328,246

2,339,994

Investments in subsidiaries

29

-

-

-

164,802

34,625

34,625

Deferred tax asset

30

10,742

14,084

32,296

-

9,978

1,756

Other assets

31

1,132,266

771,514

572,712

640,659

636,887

328,884

Current tax receivable

20c

10,629

8,342

3,721

-

-

-

Property and equipment

32

522,919

382,975

478,018

444,671

320,896

329,007

Intangible assets

33

70,858

81,027

78,821

62,264

72,773

69,372

Total assets

34,387,321

31,176,359

31,458,051

25,898,710

24,217,644

23,602,421

Equity and liabilities

Liabilities

Customers' deposits

34

27,114,756

23,687,723

24,329,961

20,210,352

18,321,964

18,114,919

Derivative liabilities

38

189,092

14,960

196,072

177,428

1,329

195,498

Current tax payable

20

96,008

80,377

95,198

91,112

74,291

87,168

Deferred tax liabilities

30

14,821

2,782

7,492

11,378

-

-

Other liabilities

35

1,670,535

1,799,763

1,150,591

1,551,311

1,679,008

1,043,195

On lending facilities

36

90,506

231,895

103,369

75,246

231,895

83,755

Borrowings

37

138,475

628,773

651,162

579

368,842

377,003

Total liabilities

29,314,193

26,446,273

26,533,845

22,117,406

20,677,329

19,901,538

Statement of financial position as at 30 September 2026

Group Bank

In millions of Naira Notes 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

Capital and reserves

Share capital 39 20,535 20,535 20,535 20,535 20,535 20,535

Share premium 40 594,113 594,113 594,113 594,113 594,113 594,113

Retained earnings 3,035,970 2,560,453 2,808,194 2,051,577 1,867,321 2,013,692

Other reserves 1,417,379 1,551,453 1,497,570 1,115,079 1,058,346 1,072,543

5,067,997 4,726,554 4,920,412 3,781,304 3,540,315 3,700,883

Non-controlling interest 5,131 3,532 3,794 - - -

Total shareholders' equity 5,073,128 4,730,086 4,924,206 3,781,304 3,540,315 3,700,883

Total equity and liabilities 34,387,321 31,176,359 31,458,051 25,898,710 24,217,644 23,602,421

The unaudited financial statements were approved by the board of directors for issue on 29th October 2026 and signed on its behalf by:

Engr. Mustafa Bello Chairman

FRC/2026/PRO/DIR/003/693530 Dame (Dr.) Adaora Umeoji,OON Group Managing Director/CEO FRC/2024/PRO/DIR/003/967545

Durosinmi Abiodun Akanbi Chief Financial Officer FRC/2013/ICAN/00000001308

The accompanying notes are an integral part of these financial statements.

‌Consolidated and Separate Statement of Changes in Equity for the period Ended 30 September 2026

In millions of Naira

Note(s)

Share capital

Share premium

Foreign currency translation reserve

Fair value reserve

Statutory reserve

SMIEIS

reserve

Credit risk reserve

Retained earnings

Total

Non-controlling interest

Total equity

Group

Balance at 1 January 2025

20,535

594,113

408,183

331,125

549,528

3,729

104,182

2,015,513

4,026,908

2,365

4,029,273

Impact of IAS 29 on opening equity

-

-

-

-

-

-

-

31,023

31,023

820

31,843

Profit for the period

-

-

-

-

-

-

-

763,857

763,857

347

764,204

Foreign currency translation differences

-

-

43,029

-

-

-

-

-

43,029

-

43,029

Fair value movements on equity instruments

-

-

-

29,485

-

-

-

-

29,485

-

29,485

Fair value movements on debt securities

-

-

-

6,470

-

-

-

-

6,470

-

6,470

Transfer between reserves

-

-

-

-

85,661

-

-

(85,661)

-

-

-

Dividends

-

-

-

-

-

-

-

(164,279)

(164,279)

-

(164,279)

Balance at 30 September 2025

20,535

594,113

451,212

367,080

625,250

3,729

104,182

2,560,453

4,726,554

3,532

4,730,086

Balance at 1 January 2026

20,535

594,113

326,245

341,863

711,416

3,729

114,317

2,808,194

4,920,412

3,794

4,924,206

Profit for the period

-

-

-

-

-

-

-

674,140

674,140

1,686

675,826

Foreign currency translation differences

-

-

(132,069)

-

-

-

-

-

(132,069)

(349)

(132,418)

Fair value movements on equity

-

-

-

(27,567)

-

-

-

-

(27,567)

-

(27,567)

Fair value movements on debt securities

-

-

-

(7,558)

-

-

-

-

(7,558)

-

(7,558)

Total comprehensive income for the period

-

-

(132,069)

(35,125)

-

-

-

674,140

506,946

1,337

508,283

Transfer between reserves

40

-

-

-

-

81,178

-

5,825

(87,003)

-

-

-

Dividends

-

-

-

-

-

-

-

(359,361)

(359,361)

-

(359,361)

Balance at 30 September 2026

20,535

594,113

194,176

306,738

792,594

3,729

120,142

3,035,970

5,067,997

5,131

5,073,128

‌Statements of changes in equity for the period ended 30 June 2026

In millions of Naira

Note(s)

Share capital Share premium

Fair value reserve

Statutory reserve

SMIEIS

reserve

Credit risk reserve

Retained earnings

Total equity

Bank

Balance at 1 January 2025

20,535 594,113

326,994

508,366

3,729

104,111

1,538,190

3,096,036

Profit for the period

- -

-

-

-

-

579,071

579,071

Fair value movements on equity instruments

- -

29,485

-

-

-

-

29,485

Total comprehensive income for the period

- -

29,485

-

-

-

579,071

608,556

Issue of shares

- -

-

-

-

-

-

-

Transfer between reserves

- -

-

85,661

-

-

(85,661)

-

Dividends

- -

-

-

-

-

(164,279)

(164,279)

Balance at 30 September 2025

20,535 594,113

356,479

594,027

3,729

104,111

1,867,321

3,540,315

Balance at 1 January 2026

20,535 594,113

334,373

630,330

3,729

104,111

2,013,692

3,700,883

Profit for the period

- -

-

-

-

-

467,350

467,350

Fair value movements on equity instruments

- -

(27,567)

-

-

-

-

(27,567)

Total comprehensive income for the period

- -

(27,567)

-

-

-

467,350

439,783

Transfer between reserves

- -

-

70,103

-

-

(70,103)

-

Dividends

- -

-

-

-

-

(359,361)

(359,361)

Balance at 30 September 2026

20,535 594,113

306,806

700,433

3,729

104,111

2,051,577

3,781,304

The accompanying notes are an integral part of these consolidated and separate financial

statements.

In millions of Naira Note 30 September 2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

Cash flows from operating activities

Profit before tax for the period

928,796

917,412

1,263,370

666,170

672,063

923,142

Adjustments for:

Net impairment loss on financial and non-financial

230,770

781,524

741,610

230,673

776,146

725,395

instuments

Unrealised fair value change in trading bond, bills

213,695

(255,604)

258,896

244,544

(251,380)

265,052

and derivatives

Depreciation of property and equipment

52,797

37,742

58,576

40,797

29,241

42,729

Amortisation of intangible assets

11,484

10,625

16,940

9,813

9,217

12,725

Dividend income

(287)

(9,240)

(9,511)

(287)

(9,240)

(16,011)

Foreign exchange revaluation gain

(37,217)

(24,232)

172,529

(39,872)

(17,701)

(32,398)

Interest income

(2,617,139)

(2,740,946)

(3,672,961)

(2,200,331)

(2,300,823)

(3,042,400)

Interest expense

688,727

814,227

1,033,429

550,025

637,755

801,823

Gain on sale of property and equipment

(4,783)

(533)

(595)

(995)

(527)

(589)

Net monetary loss arising from hyperinflationary

-

5,102

17,568

-

-

-

economy

Gain on bargain purchase in a business

(2,634)

-

-

-

-

-

combination

Modification Loss

-

-

1,994

-

-

-

Lease derecognition

-

-

29

-

-

-

(535,791)

(463,923)

(118,126)

(499,463)

(455,249)

(320,530)

Changes in operating assets and liabilities:

Net(increase)/decrease in loans and advances

(2,634,674)

(85,368)

(1,364,621)

(2,490,299)

1,207,913

(445,040)

Net (increase)/decrease in other assets

560,877

(487,440)

(213,324)

313,034

(495,402)

(110,715)

Net decrease/(increase) in treasury bills (FVTPL)

including bills pledged

(372,164)

1,004,922

1,596,997

372,214

1,005,554

1,596,997

Net (increase)/decrease in investment securities

including bonds pledged (FVTPL and FVOCI)

40,530

(238,641)

5,421

31,177

79,659

4

Net (increase)/decrease in restricted balances

(cash reserves)

478,598

(627,405)

(1,202,451)

388,692

(667,027)

(930,600)

Net decrease in due from banks with maturity

greater than three months and restricted cash

(389,506)

(362,341)

351,641

(178,460)

(175,744)

794,548

Net increase in customer deposits

2,687,833

1,745,761

2,407,324

2,005,867

1,185,886

941,309

Net increase/(decrease) in Other liabilities

510,353

506,318

(190,693)

494,942

464,168

(216,915)

Net increase/(decrease) in derivatives

(186,752)

(60,284)

271,368

(150,016)

(134,464)

266,748

159,304

931,599

1,543,536

287,688

2,015,294

1,575,806

Interest received from operating activities

1,445,829

1,562,834

2,114,163

1,112,176

1,251,346

1,945,576

Interest paid

(524,246)

(536,455)

(787,219)

(403,266)

(470,161)

(576,325)

Tax paid

(223,278)

(311,579)

(391,198)

(181,743)

(275,235)

(271,504)

Net cash flows generated from operations

857,609

1,646,399

2,479,282

814,855

2,521,244

2,673,553

Cash flows from investing activities

Purchase of property, plant and equipment

(178,212)

(65,847)

(100,204)

(154,227)

(60,541)

(79,401)

Proceeds from Sale of property, plant and

5,146

4,438

1,580

1,190

2,791

1,335

equipment

Purchase of intangible assets

(5,402)

(4,146)

(6,578)

(2,705)

(2,147)

(1,894)

Additions to treasury bills

(6,419,007)

(3,124,360)

(6,905,142)

(3,291,798)

(2,892,590)

(3,896,141)

Disposal of treasury bills

7,977,992

1,314,818

3,525,972

5,017,605

724,066

1,208,490

Interest received from treasury bills and

717,305

400,279

1,354,760

551,773

264,863

975,855

investment securities

Acquisition of Right of Use Asset

(3,714)

976

(2,265)

(2,430)

(907)

(879)

Additions to other Investment securities

(611,518)

(594,676)

(5,087,428)

(593,707)

(557,926)

(174,962)

Disposal of other Investment securities

410,193

1,273,222

4,734,230

385,904

751,117

63,817

Dividends received

287

9,240

9,511

287

9,240

16,011

In millions of Naira Note(s) 30 September

30 September

31 December

30 September

30 September

31 December

2026 2025 2025 2026

2025

2025

Acquisition of subsidiaries

-

-

-

(10,300)

-

-

Net cash from investing activities

1,893,070

(786,056)

(2,475,564)

1,901,592

(1,762,034)

(1,887,769)

Cash flows from financing activities

Cash inflow from long term borrowings

7,531,554

1,946,118

21,299,979

7,312,188

61,780

17,964,213

Repayment of long term borrowings

(7,998,978)

(3,139,182)

(22,608,632)

(7,765,998)

(1,341,777)

(19,418,646)

Interest paid on long term borrowings

38,131

-

(363,545)

37,020

-

(316,424)

Cash inflow from onlending facility

40

25,599

20,295

25

3,200

2,400

Repayment of onlending facility

(15,260)

(21,078)

(46,288)

(14,816)

(21,078)

(46,286)

Interest paid on onlendinng facility

(263)

-

(339)

(255)

-

(339)

Repayment of principal for lease liability

(2,512)

(4,759)

(7,573)

(2,439)

(1,268)

(1,665)

Unclaimed dividend received

270

(3,887)

(26,117)

270

(3,887)

(26,117)

Interest paid on lease liability

(52)

(2,191)

(22)

(40)

(579)

(21)

Dividends paid to shareholders

(359,361)

(164,284)

(215,617)

(359,361)

(164,279)

(215,617)

Net cash used in financing activities

(806,431)

(1,363,664)

(1,947,859)

(793,406)

(1,467,888)

(2,058,502)

Net (decrease)/increase in cash and cash equivalents

1,944,248

(503,321)

(1,944,141)

1,923,041

(708,678)

(1,272,718)

Analysis of changes in cash and cash equivalents:

Cash and cash equivalent at the beginning of the year

2,857,661

4,792,273

4,792,273

2,239,000

3,475,870

3,475,870

(decrease)/increase in cash and cash equivalents

1,944,248

(503,321)

(1,944,141)

1,923,041

(708,678)

(1,272,718)

Effect of exchange rate movement on cash balances

(422,183)

1,754,287

9,529

(499,056)

1,437,618

35,848

Cash and cash equivalents at the end of the period

43

4,379,726

6,043,239

2,857,661

3,662,985

4,204,810

2,239,000

‌Consolidated and Separate Unaudited Financial Statements for the period ended 30 September 2026

Notes to the interim consolidated and separate financial statements

1 The Bank

Zenith Bank Plc (the "Bank") was incorporated in Nigeria under the Companies and Allied Matters Act as a private limited liability company on May 30, 1990. It was granted a banking licence in June 1990, to carry on the business of commercial banking and commenced business on June 16, 1990. The Bank was converted into a Public Limited Liability Company on May 20, 2004. The Bank's shares were listed on October 21, 2004 on the Nigerian Stock Exchange, and in August 2015, the Bank was admitted into the Premium Board of the Nigerian Exchange Limited.

The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Such services include granting of loans and advances, corporate finance and money market activities.

‌The Bank has eight subsidiary companies namely: Zenith Bank (Ghana) Limited, Zenith Bank (UK) Limited, Zenith Bank (Sierra Leone) Limited, Zenith Bank (Gambia) Limited, Zenith Pensions Custodian Limited and Zenith Nominees Limited, Paramount Bank (Kenya) Limited and Zenith Bank (Cote D'Ivoire) Limited. The results of the Bank's subsidiaries have been consolidated in these nine months period financial statements.

  1. Condensed statement of accounting policies Interim financial statements

    The condensed financial statements of Zenith Bank Plc and its subsidiaries (together "The Group") for the period ended 30 September 2026 are presented and have been prepared based on the provisions of IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board.

    As a result, the Group applied the same accounting methods used for consolidated financial statements for the period ended 31 December 2025, prepared in accordance with the International financial reporting standards and Other National Disclosures (refer to Note "Basis of preparation" presented in the Statement of Accounting Policies (Notes 1 and 2 of 31 December 2025 Financial Statements).

    ‌Provision for income tax have been calculated in line with relevant tax laws and circulars in jurisdiction in which the Group operates. There were no changes to the accounting policies adopted by the Group during the period in the preparation of this interim report.

  2. Seasonality of operations

    ‌The impact of seasonality or cyclicality on operations is not regarded as significant to the condensed unaudited consolidated financial statements. The operations of the Group are expected to be even within the period. However, global and national events and occurences may affect the Group's operations depending on the extent of relationship these events and occurences have with the operations.

  3. ‌Unusual items

    ‌There were no unusual transactions or occurences within the period.

  4. Changes in estimates

    Critical accounting estimates and judgements

    ‌The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

  5. Business combinations

    In April 2026, Zenith Bank Plc ("the Group") incorporated Zenith Bank Cote d'Ivoire, a wholly owned subsidiary as part of its strategy to expand it's operations across Africa.

    ‌Also, on 11 May 2026, Zenith Bank Plc ("the Group") acquired 100% of the issued share capital of Paramount Bank Kenya Limited ("Paramount Bank" or "PBKL"), a commercial bank incorporated in Kenya, thereby obtaining control of the entity. The acquisition was completed following receipt of all requisite regulatory approvals from the relevant authorities in Kenya and Nigeria.

  6. ‌Restructuring and reversals of restructuring provisions

    Cummulative loans and advances to customers of N669 billion which are neither past due nor impaired have been renegotiated.

  7. ‌Correction of prior period errors

    No error has been noted in relation to the prior period results.

  8. Impairment loss of property, equipment, intangible or other assets, and reversal of such impairment loss

    Within the period under review, none of the Group's property and equipment was impaired and there were no reversals of previous impairment charges in the current period.

  9. ‌Litigation settlements

    ‌There was litigation settlement in the period 30 September 2026 amounting to N7 million.

  10. Securities trading policy

    ‌In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Zenith Bank Plc maintains a security trading policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Bank's securities. The Policy is periodically reviewed by the Board and updated. The Bank has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the policy during the period under review.

  11. Segment

The Group's operations are primarily organised on the basis of its geographic coverage which are: Nigeria and outside Nigeria (Rest of Africa and Europe).

Nigeria

Outside

Rest of Africa

Nigeria

Europe

Total reportable

segments

Eliminations

Consolidated

In millions of Naira 30 September 2026 Revenue:

Derived from external customers

2,331,658

360,104

176,160

2,867,922

(2,634)

2,865,288

Total revenue*

2,331,658

360,104

176,160

2,867,922

(2,634)

2,865,288

Interest expense

(550,025)

(75,830)

(62,872)

(688,727)

-

(688,727)

Impairment charge for credit losses

(230,650)

3,755

(3,875)

(230,770)

-

(230,770)

Operating expenses

(870,444)

(92,668)

(53,882)

(1,016,994)

-

(1,016,994)

Profit before tax

680,539

195,361

55,531

931,431

(2,634)

928,797

Tax expense

(203,360)

(36,425)

(13,186)

(252,971)

-

(252,971)

Profit after tax

477,179

158,936

42,345

678,460

(2,634)

675,826

In millions of Naira

Nigeria

Outside Rest of Africa

Nigeria

Europe

Total reportable

segments

Eliminations

Consolidation

30 September 2026

Capital expenditure**

159,832

17,409

4,684

181,925

-

181,925

Identifiable assets

25,951,512

4,336,682

4,263,929

34,552,123

(164,802)

34,387,321

Identifiable liabilities

22,094,909

3,566,880

3,651,754

29,313,543

650

29,314,193

* Revenues are allocated based on the location of the operations.

** Capital expenditure consists of expenditure on intangible assets and property and equipment during the period.

12. Segment (continued)

Nigeria Outside Nigeria Banking Rest of Africa Europe

Total reportable

segments

Eliminations Consolidation

In millions of Naira

30 September 2025 Revenue:

Derived from external customers

Derived from other business segments

2,829,222

-

344,390

-

198,217

-

3,371,829

-

-

-

3,371,829

-

Total revenue*

2,829,222

344,390

198,217

3,371,829

-

3,371,829

Interest expense

(637,756)

(94,691)

(81,780)

(814,227)

-

(814,227)

Impairment charge for credit losses

(776,166)

(3,954)

(1,404)

(781,524)

-

(781,524)

Operating expenses

(642,432)

(77,488)

(42,645)

(762,565)

(96,101)

(858,666)

Profit before tax

772,868

168,257

72,388

1,013,513

(96,101)

917,412

Tax expense

(95,975)

(38,974)

(18,259)

(153,208)

-

(153,208)

Profit after tax

676,893

129,283

54,129

860,305

(96,101)

764,204

Nigeria Outside Nigeria Banking

Total reportable

segments

Eliminations Consolidation

In millions of Naira

Rest of Africa

Europe

30 September 2025

Capital expenditure**

63,688

3,989

2,316

69,993

-

69,993

Identifiable assets

24,261,983

3,193,410

3,755,591

31,210,984

(34,625)

3,176,359

Identifiable liabilities

20,357,232

2,739,384

3,126,577

26,223,193

223,080

26,446,273

* Revenues are allocated based on the location of the operations.

** Capital expenditure consists of expenditure on intangible assets and property and equipment during the period.

Notes to the consolidated and separate financial statements

‌Group Bank

In millions of Naira

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

2026

2026

2025

2025

2026

2026

2025

2025

13. Interest and similar income

Loans and advances to customers

496,381

1,442,227

1,362,834

1,823,828

459,948

1,286,537

1,251,346

1,611,915

Placement with banks and discount houses

168,446

240,709

236,020

210,071

124,435

179,386

164,982

167,071

Treasury bills

166,777

572,992

740,498

1,129,442

132,010

490,933

614,624

940,810

Promissory notes

-

111

1,008

1,280

-

111

1,008

1,280

Commercial papers

755

1,740

307

406

657

1,526

-

90

‌Government and other bonds

108,659

359,360

400,279

507,934

78,449

241,838

268,863

321,234

941,018

2,617,139

2,740,946

3,672,961

795,499

2,200,331

2,300,823

3,042,400

Interest and similar income represents interest income on financial assets measured at amortised cost using the effective interest rate method.

14. Interest and similar expense

Current accounts

84,388

203,013

182,615

220,884

79,059

184,690

158,676

187,460

Savings accounts

15,919

88,657

111,658

131,959

15,788

87,146

110,472

128,687

Time deposits

133,828

329,761

321,760

411,447

88,101

221,218

201,013

270,364

Borrowed funds

32,409

64,925

196,003

265,186

30,268

56,402

167,015

214,018

Leases

385

2,371

2,191

3,953

-

569

579

1,294

266,929

688,727

814,227

1,033,429

213,216

550,025

637,755

801,823

Total interest expense are calculated using the effective interest rate method reported above and does not include interest expense on financial liabilities carried at fair value through profit or loss.

Notes to the consolidated and separate financial statements

Group

Bank

‌In millions of Naira

3 Months

9 Months

9 Months

12 Months

3 Months

9 Months

9 Months

12 Months

30 September

30 September

30 September

31 December

30 September

30 September

30 September

31 December

2026

2026

2025

2025

2026

2026

2025

2025

15. Impairment charge on financial and non-financial instruments

ECL on financial instruments: Loans and advances

82,473

211,832

810,506

843,417

90,000

215,586

806,730

819,529

Investment securities

10,215

5,498

1,458

(10,184)

2,509

1,647

52

(3,494)

Treasury bills

(78)

19

14

29

(78)

19

14

28

Other financial assets

(1,931)

1,259

22,915

(33,530)

(1,883)

1,259

22,895

(33,455)

Due from other banks

491

494

(12,286)

(12,562)

491

494

(12,286)

(12,544)

Asset pledged as collateral

7

6

12

(6)

7

6

12

(6)

Off balance sheet

(1,527)

11,662

(39,856)

(44,976)

(1,046)

11,662

(40,032)

(44,085)

Total ECL on financial instruments

89,650

230,770

782,763

742,188

90,000

230,673

777,385

725,973

‌15b. Impairment (credit)/charge on non-financial Other non-financial assets

-

-

1,239

578

-

-

1,239

578

16. Net income on fee and commission

Credit related fees

8,693

28,783

13,374

28,077

5,134

13,360

2,104

9,213

Commission on turnover

1,125

3,321

2,914

4,651

-

-

-

-

Account maintenance fee

28,057

80,820

73,963

91,951

25,486

75,073

69,530

85,629

Income from financial guarantee contracts issued

19,838

50,975

34,599

53,107

12,421

30,893

19,215

27,861

Fees on electronic products

25,650

77,169

59,064

89,126

19,527

61,351

46,424

70,208

Foreign currency transaction fees and commission

3,234

9,270

9,243

29,458

3,066

8,203

8,220

28,842

Asset based management fees

8,095

20,022

15,817

19,317

-

-

-

-

Auction fees income

1,871

5,339

3,842

5,037

1,871

5,339

3,842

5,037

Corporate finance fees

209

1,431

1,015

1,205

209

1,431

1,015

1,205

Foreign withdrawal charges

11,419

33,681

33,643

19,156

11,419

33,681

33,643

19,156

Commission on letters of credit

12,956

45,819

40,865

49,103

6,074

38,695

32,193

47,266

Commission on agency and collection services

5,214

14,169

10,705

15,706

4,386

10,916

8,445

12,253

Total fee and commission income

126,361

370,799

299,044

405,894

89,593

278,942

224,631

306,670

Fees and Commission Expense

(48,286)

(113,950)

(96,101)

(114,094)

(41,872)

(107,752)

(90,331)

(113,373)

Net income on fees and commission

78,075

256,849

202,943

291,800

47,721

171,190

134,300

193,297

Notes to the consolidated and separate financial statements

‌Group

Bank

In millions of Naira

3 Months

9 Months

9 Months

12 Months

3 Months

9 Months

9 Months

12 Months

30 September

30 September 30

September

31 December

30 September

30 September

30 September

31 December

2026

2026

2025

2025

2026

2026

2025

2025

17. Other operating income

Dividend Income from equity instruments

(9)

287

9,240

9,511

(9)

287

9,240

16,011

(Loss)/ gain on disposal of property and equipment

3,577

4,578

533

595

811

995

527

589

Income on cash handling

17

36

1,848

3,560

-

-

1,843

3,528

Loan recovery

32,125

61,792

23,434

74,189

28,094

49,621

15,965

57,855

Foreign currency revaluation gain/ (loss)

(1,138)

37,217

24,232

105,975

2,898

39,872

17,701

100,857

‌Gain on bargain purchase in a business combination

-

2,634

-

-

-

-

-

-

Net monetary loss arising from hyperinflationary economy

-

-

(5,102)

(17,568)

-

-

-

-

34,572

106,544

54,185

176,262

31,794

90,775

45,276

178,840

Dividend income from equity investments represents dividend received on equity instruments held for strategic purposes and for which the Group has elected to present the fair value and loss in other comprehensive income.

18. Trading gains

Gain/(loss) on other trading books

(52,158)

(223,411)

260,820

(140,441)

(60,259)

(253,534)

234,429

(187,183)

Gain on treasury bills FVTPL

(83,435)

(8,381)

4,022

65,258

(83,453)

(8,375)

4,020

65,253

(Loss)/gain on bonds FVTPL

(1,497)

861

10,824

10,747

443

212

1,976

1,588

Interest income on trading bonds

140

1,737

1,988

1,322

57

1,654

1,988

1,322

(136,950)

(229,194)

277,654

(63,114)

(143,212)

(260,043)

242,413

(119,020)

Notes to the consolidated and separate financial statements

‌Group

Bank

In millions of Naira

3 Months

9 Months

9 Months

12 Months

3 Months

9 Months

9 Months

12 Months

30 September

30 September

30 September

31 December

30 September

30 September

30 September

31 December

2026

2026

2025

2025

2026

2026

2025

2025

19. Operating expenses

Directors' emoluments

2,525

3,889

9,726

8,538

470

1,469

7,600

7,656

Auditors' remuneration

930

2,465

2,153

3,199

213

638

638

850

Deposit insurance premium

17,135

51,691

54,223

77,389

15,770

47,310

50,474

71,532

Professional fees

4,514

14,098

16,163

20,778

3,006

7,459

13,298

15,477

Training and development

2,125

5,593

4,809

6,886

1,769

4,520

3,853

5,364

Information Technology

21,981

97,878

68,117

91,921

19,782

90,098

63,571

84,073

Lease expense

2,233

2,474

1,367

72

1,640

1,667

730

52

Advertisement

3,528

18,357

18,618

24,247

3,343

17,546

17,807

23,129

Outsourcing services

13,458

31,388

25,026

33,117

13,467

31,315

24,954

33,117

Bank charges

3,375

9,388

8,757

11,281

2,390

5,967

5,731

7,296

Fuel and maintenance

35,016

92,002

65,828

92,121

32,188

83,904

54,692

74,889

Insurance

1,534

4,918

4,907

7,135

1,084

3,257

3,223

4,244

Licenses, registrations and subscriptions

3,185

15,885

16,344

22,665

2,727

10,080

9,582

12,787

Travel and hotel expenses

11,301

24,638

13,496

16,665

9,899

21,140

11,163

13,452

Printing and stationery

2,348

7,904

7,099

9,146

1,439

5,360

3,961

5,013

Security and cash handling

2,846

8,901

6,532

9,418

2,476

7,632

5,604

7,980

Fines & Penalties

2

25

1,927

1,952

2

6

1,927

1,952

Donations

2,305

7,304

4,299

6,050

2,128

7,050

4,166

5,664

AMCON levy

-

143,217

143,836

142,594

-

143,217

143,836

142,594

Telephone, postages and communications

7,048

16,582

25,184

27,501

6,716

15,787

24,539

26,588

Corporate promotions

7,511

26,575

11,957

26,731

7,671

25,879

11,535

26,019

General running expenses

29,385

40,439

21,747

30,464

26,070

29,245

14,542

18,164

174,285

625,611

532,115

669,870

154,250

560,546

477,426

587,892

Notes to the consolidated and separate financial statements

Group

Bank

In millions of Naira

3 Months

9 Months

9 Months

12 Months

3 Months

9 Months

9 Months

12 Months

30 September

30 September 30

September

31 December

30 September

30 September

30 September

31 December

2026

2026

2025

2025

2026

2026

2025

2025

‌20. Taxation

(a) Major components of the tax expense

Income tax expense

Corporate tax

652

43,024

91,297

158,677

20,000

20,832

57,584

66,677

Minimum tax expense

17,119

65,873

-

-

16,287

65,041

6,635

-

Information technology tax

-

-

6,635

9,369

-

-

13,015

9,231

Tertiary education tax

-

-

13,015

9,181

-

-

33

8,905

Police trust fund levy

-

-

33

46

-

-

1,658

46

NASENI levy

-

-

1,658

2,308

-

-

-

2,308

National fiscal stabilization levy & financial sector recovery

4,453

15,377

13,545

21,379

-

-

-

-

Effect of hyperinflation

-

-

-

571

-

-

-

-

Prior period under provision

70

89,947

22,289

23,656

9,757

89,947

22,289

22,892

Development Levy

9,537

9,867

-

-

-

9,867

-

-

Current income tax charge

31,831

224,088

148,472

225,187

46,044

185,687

101,214

110,059

Current income tax Deferred tax expense

Origination of temporary differences

31,831

14,299

224,088

28,883

148,472

4,736

225,187

(2,363)

46,044

-

185,687

13,134

101,214

(8,222)

110,059

-

Income tax expense

46,130

252,971

153,208

222,824

46,044

198,821

92,992

110,059

Total tax expense

46,130

252,971

153,208

222,824

46,044

198,821

92,992

110,059

Group Bank

30 September

30 September

31 December

30 September

30 September

31 December

2026

2025

2025

2026

2025

2025

(b) The movement in the current income tax payable balance is as follows:

At start of the period

95,198

256,168

256,168

87,168

248,613

248,613

Reclassification to current tax receivable

-

-

(1,670)

-

-

-

Foreign exchange

-

-

(2,967)

-

-

-

Tax paid

(223,278)

(324,263)

(279,861)

(181,743)

(275,536)

(271,504)

Current income tax charge

224,088

148,472

123,528

185,687

101,214

110,059

At end of period/year

96,008

80,377

95,198

91,112

74,291

87,168

Notes to the Consolidated and Separate Financial Statements

Group Bank

In millions of Naira 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

20. Taxation (continued)

(c) The movement in the current income tax receivable balance is as follows:

At start of the period

3,721

6,869

6,869

-

-

-

Reclassification from current tax payable

-

-

(1,670)

-

-

-

‌Foreign exchange

(468)

-

(11,156)

-

-

-

Tax paid

-

1,473

111,337

-

-

-

Current income tax credit/(charge)

6,908

-

(101,659)

-

-

-

Acquired through business combination

468

-

-

-

-

-

At end of period/year

10,629

8,342

3,721

-

-

-

21. Earnings per share (EPS)

Basic earnings per share

Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period. Where a stock split or bonus share issue has occurred, the number of shares in issue in the prior period is adjusted to achieve comparability

Group Bank

In millions of Naira 3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

3 Months

30 September

9 Months

30 September

9 Months

30 September

12 Months

31 December

2026

2026

2025

2025

2026

2026

2025

2025

Profit attributable to shareholders of the Bank 243,871

674,140

763,857

1,039,747

159,923

467,350

579,071

813,083

Number of issued shares end of the period 41,070

41,070

41,070

41,070

41,070

41,070

41,070

41,070

Weighted average number of issued shares 41,070

41,070

41,070

41,070

41,070

41,070

41,070

41,070

Basic and diluted earnings per share 5.94

16.41

18.60

25.32

3.89

11.38

14.10

19.80

Basic and diluted earnings per share are the same, as the Bank has no potentially dilutive ordinary shares.

Notes to the Consolidated and Separate Financial Statements

Group Bank

‌In millions of Naira 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

22. Cash and balances with central banks

Cash

283,894

206,571

252,065

172,384

123,428

96,531

Operating accounts and deposits with central

859,944

538,484

236,820

644,295

346,723

52,756

banks

Mandatory reserve deposits with central bank

6,465,287

5,956,605

6,389,530

5,673,640

5,573,686

5,695,138

(cash reserve)

Special cash reserve requirement

49,841

149,165

47,011

49,841

149,165

47,011

‌7,658,966

6,850,825

6,925,426

6,540,160

6,193,002

5,891,436

Mandatory reserve deposits with central banks represents a percentage of customer deposits which are not available for daily use. For the purposes of the Statement of cashflow, this balance is excluded from cash and cash equivalents.

23. Treasury bills

Treasury bills (FVTPL)

586,084

651,285

430,212

577,635

650,653

429,640

Treasury bills (Amortized cost)

2,691,577

3,540,021

4,232,669

2,007,427

2,907,879

3,464,155

ECL Allowance on treasury bills (Amortized cost)

(343)

(52)

(67)

(85)

(52)

(66)

3,277,318

4,191,254

4,662,814

2,584,977

3,558,480

3,893,729

‌Treasury bills less than 3 months maturity

1,048,717

745,216

159,620

827,865

261,485

151,851

1,048,717

745,216

159,620

827,865

261,485

151,851

24. Assets pledged as collateral

Bonds pledged as collateral

93,701

95,787

89,710

93,701

95,787

89,710

Treasury bills under repurchase agreement

-

5,000

21,048

-

5,000

-

Treasury bills pledged as collateral

500

-

4,773

500

-

4,773

ECL Allowance on assets pledged and under repurchase agreements

(12)

(23)

(6)

(12)

(23)

(6)

94,189

100,764

115,525

94,189

100,764

94,477

Financial assets are pledged as collateral as part of sales and repurchases, borrowing transaction and collection agency transactions under terms that are usual for such activities.

‌Notes to the Consolidated and Separate Financial Statements

Group Bank

In millions of Naira 30 September

30 September

31 December

30 September

30 September

31 December

2026 2025 2025

2026

2025

2025

25. Due from other banks

‌Current balances with banks within Nigeria

6,669

3,527

3,764

-

-

-

Current balances with banks outside Nigeria

2,187,171

1,970,968

604,409

2,018,441

1,735,744

917,203

Placement with banks

2,383,190

2,429,873

2,113,527

1,783,023

1,588,921

1,533,203

ECL allowance

(519)

(283)

(25)

(519)

(283)

(25)

4,576,511

4,404,085

2,721,675

3,800,945

3,324,382

2,450,381

26. Derivative assets

Instrument types (fair value)

Forward and Swap Contracts

2,745

140,633

7,048

70

136,749

318

Put Option

2,390

-

1,098

2,390

-

1,098

‌5,135

140,633

8,146

2,460

136,749

1,416

The Group enters into currency forward contracts with counterparties. On initial recognition, the Group estimates the fair value of derivatives transacted with the counterparties using the discounted mark-to-market technique. In many cases, all significant inputs into the valuation techniques are wholly observable e.g with reference to similar transactions in the wholesale dealer market.

27. Loans and advances

Overdraft

1,402,030

1,271,147

1,390,183

1,047,557

1,066,533

1,101,956

Term loans

10,813,604

8,697,953

9,632,596

8,858,124

7,011,396

7,599,555

On lending facilities

40,679

45,054

41,087

40,679

45,054

41,087

Gross loans and advances to customers

12,256,313

10,014,154

11,063,866

9,946,360

8,122,983

8,742,598

Less: ECL Allowance

(619,611)

(642,701)

(614,914)

(574,962)

(622,121)

(575,254)

11,636,702

9,371,453

10,448,952

9,371,398

7,500,862

8,167,344

Notes to the interim consolidated and separate financial statements

Group

30 September 2026

31 December 2025

In millions of Naira

12-month ECL

Lifetime ECL not credit-impaired

Lifetime ECL

credit-impaired

Total

12-month ECL

Lifetime ECL not credit-impaired

Lifetime ECL

credit-impaired

Total

Balance at 1 January

79,021

219,644

316,249

614,914

151,362

635,752

241,338

1,028,452

Transfer to 12-month ECL

19,755

(10,755)

(9,000)

-

336,303

(335,397)

(906)

-

Transfer to lifetime ECL not credit-impaired

(791)

3,295

(2,504)

-

(3,452)

5,561

(2,109)

-

Transfer to lifetime ECL credit-impaired

(8,697)

(132,310)

141,007

-

(11,608)

(76,679)

88,287

-

Impairment charge/(write back) (see note 15)

46,975

(60,401)

225,257

211,831

(395,006)

(9,264)

1,247,687

843,417

Write-offs and recoveries

-

-

(222,474)

(222,474)

-

-

(1,242,738)

(1,242,738)

Effect of Hyperinflation

-

-

-

-

(55)

-

-

(55)

Foreign exchange and other movements

(120)

13,577

1,883

15,340

1,477

(329)

(15,310)

(14,162)

Closing balance

136,143

33,050

450,418

619,611

79,021

219,644

316,249

614,914

Gross amount

11,190,018

465,738

600,557

12,256,313

9,795,699

845,759

422,408

11,063,866

Bank

30 September 2026

31 December 2025

In millions of naira

12-month ECL

Lifetime ECL

Lifetime ECL

Total

12-month ECL

Lifetime ECL

Lifetime ECL

Total

not credit-

credit-

not credit-

credit-

impaired

impaired

impaired

impaired

Balance at 1 January

52,554

218,146

304,554

575,254

138,188

634,733

240,964

1,013,885

Transfer to 12-month ECL

13,138

(7,153)

(5,985)

-

336,302

(335,396)

(906)

-

Transfer to lifetime ECL not credit-impaired

(785)

3,272

(2,487)

-

(3,384)

5,493

(2,109)

-

Transfer to lifetime ECL credit-impaired

(8,375)

(132,667)

141,042

-

(396)

(76,682)

77,078

-

Impairment charge (see note 15)

52,969

(64,052)

226,668

215,585

(418,156)

(10,002)

1,247,687

819,529

Write-offs

-

-

(222,474)

(222,474)

-

-

(1,242,738)

(1,242,738)

Foreign exchange and other movements

3,387

11,895

(8,685)

6,597

-

-

(15,422)

(15,422)

Closing balance

112,888

29,441

432,633

574,962

52,554

218,146

304,554

575,254

Gross amount

8,977,306

477,425

491,629

9,946,360

7,658,006

748,966

335,626

8,742,598

‌Notes to the Consolidated and Separate Financial Statements

Group Bank

In millions of Naira 30 September

30 September

31 December

30 September

30 September

31 December

2026 2025 2025

2026

2025

2025

28. Investment Securities

Debt securities

At amortised cost

2,834,613

2,915,341

2,941,051

1,842,569

1,902,128

1,933,140

At FVTOCI

2,182,123

1,496,251

2,067,032

-

-

-

ECL allowance

(6,265)

(17,653)

(7,740)

(3,158)

(5,057)

(1,511)

Net debt securities measured at amortised cost and

5,010,471

4,393,939

5,000,343

1,839,411

1,897,071

1,931,629

FVTOCI

Debt securities (measured at fair value through profit

or loss)

33,657

68,835

35,077

5,816

34,546

33,840

‌Net debt securities

5,044,128

4,462,774

5,035,420

1,845,227

1,931,617

1,965,469

Equity securities

At fair value through other comprehensive income

346,958

396,629

374,525

346,958

396,629

374,525

5,391,086

4,859,403

5,409,945

2,192,185

2,328,246

2,339,994

29. Investment in subsidiaries

The following table lists the entities which are controlled by the Group, either directly or indirectly through subsidiaries.

Group

Name of company 30 September 2026 31 December 2025 30 September 2026 31 December 2025

Ownership interest % Ownership interest %

Zenith Bank (Ghana) Limited

99.42%

99.42%

7,066

7,066

Zenith Bank (UK) Limited

100.00%

100.00%

21,482

21,482

Zenith Bank (Sierra Leone) Limited

99.99%

99.99%

2,059

2,059

Zenith Bank (Gambia) Limited

99.96%

99.96%

1,038

1,038

Zenith Pensions Custodian Limited

99.00%

99.00%

1,980

1,980

Zenith Nominees

99.00%

99.00%

1,000

1,000

Paramount Bank Kenya

100.00%

-

53,577

-

Zenith Bank Cote d'Ivoire

100.00%

-

76,600

-

164,802

34,625

Notes to the Consolidated and Separate Financial Statements

‌Group Bank

In millions of Naira 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

30. Deferred tax balances

Deferred income taxes are calculated on all temporary differences under the liability method using an effective tax rate of 30% (2025:

30%).

Deferred tax assets

Movement in deferred tax asset At the start of the period

32,296

21,542

21,542

1,756

1,756

1,756

Deferred tax asset movement

(21,554)

(7,458)

10,754

(1,756)

8,222

-

At the close of the period

10,742

14,084

32,296

-

9,978

1,756

‌Deferred tax liabilities

At the start of the period

7,492

5,502

5,502

-

-

-

Charge for the period

7,329

(2,720)

1,990

11,378

-

-

At the close of the period

14,821

2,782

7,492

11,378

-

-

31. Other assets

Non-financial assets Prepayments

165,424

95,468

46,021

79,818

82,633

31,242

Other non-financial assets

52,873

34,900

20,799

36,025

20,187

16,594

Gross other non-financial assetss

218,297

130,368

66,820

115,843

102,820

47,836

Less impairment

(1,309)

(648)

(1,309)

(1,309)

(648)

(1,309)

Net other non-financial assets

216,988

129,720

65,511

114,534

102,172

46,527

Other financial assets

E-card and settlement receivables

346,741

449,341

130,813

336,156

445,387

127,001

Intercompany receivables

16,472

1,813

-

16,472

1,813

1,804

Deposits for investment in AGSMEIS

130,624

83,816

83,816

130,624

83,816

83,816

Other receivables

409,610

107,196

233,887

30,937

3,951

10,290

Deposits for shares

31,069

73,972

76,600

31,069

73,972

77,320

Gross other financial assets

934,516

716,138

525,116

545,258

608,939

300,231

Less: ECL allowance

(19,238)

(74,344)

(17,915)

(19,133)

(74,224)

(17,874)

Net other financial assets

915,278

641,794

507,201

526,125

534,715

282,357

Total other assets (Net)

1,132,266

771,514

572,712

640,659

636,887

328,884

Notes to the interim consolidated and separate financial statements

‌32. Property and equipment

(a) Property and equipment movement Group

30 September 2026

Land Buildings Leasehold improvements

Furniture, fittings and equipment

Computer equipment

Aircraft Motor vehicles Right-of-use

assets Buildings

Work in progress Total

Cost

At 1 January 2026

49,838

156,300

39,567

170,757

102,717

31,028

92,421

97,025

96,230

835,883

Additions

21,608

5,147

5,568

12,999

3,958

-

19,592

3,714

109,339

181,925

Reclassifications from WIP

909

5,298

216

5,686

6,447

-

739

-

(19,295)

-

Acquired through business combinations

-

-

-

22

216

-

14

593

-

845

Disposals/Write off

-

(5)

(3)

(636)

(73)

-

(1,092)

(205)

-

(2,014)

Modification

-

-

-

(21)

(16)

-

-

-

-

(37)

Transfers

361

(927)

399

429

887

-

45

-

(1,217)

(23)

Exchange difference

552

(57,717)

(3,733)

10,428

(5,742)

-

(8,475)

(57,041)

(5,447)

(127,175)

At 30 September 2026

73,268

108,096

42,014

199,664

108,394

31,028

103,244

44,086

179,610

889,404

Land

Buildings Leasehold improvements

Furniture, fittings and equipment

Computer equipment

Aircraft

Motor vehicles

Right-of-use Work in progress assets Buildings

Total

Accumulated Depreciation At 1 January 2026

- 28,269

34,415

127,918

78,160

3,832

52,028

33,243

- 357,865

Charge for the period

- 1,595

3,090

14,663

15,861

932

13,239

3,417

- 52,797

Reclassifications/transfer from WIP

- 18

(29)

57

(46)

-

-

-

- -

Disposals

- (2)

(3)

(614)

(76)

-

(751)

-

- (1,446)

Impairment/Writeoff

- -

-

-

-

-

-

(205)

- (205)

Exchange difference

- (10,812)

(4,350)

(8,452)

(4,789)

-

(6,865)

(7,258)

- (42,526)

At 30 September 2026

- 19,068

33,123

133,572

89,110

4,764

57,651

29,197

- 366,485

Net book amount

At 30 September 2026

73,268

89,068

8,891

66,092

19,284

26,264

45,593

14,889

179,610

522,919

At 31 December 2025

49,838

128,031

5,152

42,839

24,557

27,196

40,393

63,782

96,230

478,018

Notes to the interim consolidated and separate financial statements

32. Property and equipment (continued) Bank

30 September 2026

Land Buildings Leasehold improvements

Furniture, fittings and equipment

Computer equipment

Right of use asset -Aircraft

Motor vehicles Right-of-use assets Work in progress Total

- Buildings

Cost

At 1 January 2026

49,838

76,777

27,165

149,963

86,257

31,028

72,042

27,568

81,558

602,196

Additions

21,608

4,774

743

11,344

2,086

-

16,096

2,430

97,576

156,657

Reclassifications from WIP

909

4,162

216

5,685

6,447

-

647

-

(18,066)

-

Disposals

-

(5)

(3)

(616)

(72)

-

(834)

-

-

(1,530)

Transfers

361

(927)

317

335

(86)

-

-

-

-

-

At 30 September 2026

72,716

84,781

28,438

166,711

94,632

31,028

87,951

29,998

161,068

757,323

Land

Buildings

Leasehold

Furniture, fittings

Computer

Right of use asset -

Motor vehicles

Right-of-use assets Work in progress

Total

improvements

and equipment

equipment

Aircraft

- Buildings

Accumulated Depreciation

At 1 January 2026

-

14,588

24,803

112,873

65,830

3,832

38,613

12,650

-

273,189

Charge for the period

-

1,206

1,195

11,522

13,580

931

11,175

1,188

-

40,797

Reclassifications/transfer from WIP

-

18

(29)

57

(46)

-

-

-

-

-

Disposals

-

(2)

(3)

(596)

(73)

-

(660)

-

-

(1,334)

At 30 September 2026

-

15,810

25,966

123,856

79,291

4,763

49,128

13,838

-

312,652

Net book amount

At 30 September 2026

72,716

68,971

2,472

42,855

15,341

26,265

38,823

16,160

161,068

444,671

At 31 December 2025

49,838

62,189

2,362

37,090

20,427

27,196

33,429

14,918

81,558

329,007

‌Group Bank‌

In millions of Naira 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

33. Intangible assets

Computer Software

Cost

At start of the year

133,425

125,012

125,012

107,909

106,015

106,015

Exchange difference

(3,630)

(3,300)

(570)

-

-

-

Impact of hyperinflation

-

2,495

2,458

-

-

-

Additions

5,402

4,146

6,578

2,705

2,147

1,894

Acquired through business combination

58

-

-

-

-

-

Disposal

-

(5,486)

(53)

-

(360)

-

At the end of the period

135,255

122,867

133,425

110,614

107,802

107,909

Accumulated amortization

At start of the year

54,604

36,816

36,816

38,537

25,812

25,812

Exchange difference

(1,691)

-

151

-

-

-

Impact of hyperinflation

-

(4,329)

750

-

-

-

Disposal

-

(1,272)

(53)

-

-

-

Charge for the period

11,484

10,625

16,940

9,813

9,217

12,725

At the end of the period

64,397

41,840

54,604

48,350

35,029

38,537

Carrying amount at the end of the period

70,858

81,027

78,821

62,264

72,773

69,372

All intangible assets are non-current. All intangible assets of the Group have finite useful life and are amortised over 5 years.

The Group does not have internally generated intangible assets.

‌Group

Bank

In millions of Naira

30 September 30 September

31 December

30 September

30 September

31 December

2026

2025

2025

2026

2025

2025

34. Customers' deposits

‌Demand

11,408,897

10,556,166

9,786,530

7,625,688

7,764,837

6,463,556

Savings

8,739,338

7,486,217

8,800,036

8,425,944

7,348,152

8,538,630

Term

6,966,521

5,645,340

5,743,395

4,158,720

3,208,975

3,112,733

27,114,756

23,687,723

24,329,961

20,210,352

18,321,964

18,114,919

35. Other liabilities

Other financial liabilities

Customer deposits for letters of credit

336,928

527,536

291,692

337,192

527,634

291,692

Managers' Cheques

28,327

27,274

29,809

27,661

26,546

28,648

Collections accounts

716,270

379,410

309,819

746,338

379,231

309,747

Unclaimed dividend

5,362

3,887

4,483

5,362

3,887

4,483

Lease liability

38,284

36,353

40,806

13,636

11,809

12,942

Electronic card and settlement payables

44,834

235,867

44,263

41,183

198,649

31,523

Customers' foreign transactions payables

164,731

438,013

227,890

164,731

438,013

227,890

Account payables

28,868

33,442

10,712

-

-

-

Total other financial liabilities

1,363,604

1,681,782

959,474

1,336,103

1,585,769

906,925

Non-financial liabilities

Tax collections

12,422

9,137

17,581

11,475

8,355

16,421

Deferred income on financial guarantee contracts

28,070

7,832

26,036

18,865

-

17,380

Other payables

247,963

91,338

135,018

167,743

77,029

97,006

Provision for Claims

1,661

-

1,661

1,661

-

1,661

Off Balance Sheet exposure impairment allowance

16,815

9,674

10,821

15,464

7,855

3,802

Total other non-financial liabilities

306,931

117,981

191,117

215,208

93,239

136,270

Total other liabilities

1,670,535

1,799,763

1,150,591

1,551,311

1,679,008

1,043,195

ZENITH BANK PLC

Consolidated and Separate Unaudited Financial Statements for the period ended 30 September 2026

Notes to the Consolidated and Separate Financial Statements

Group Bank

In millions of Naira 30 September

2026

30 September

2025

31 December

2025

30 September

2026

30 September

2025

31 December

2025

‌36. On Lending Facilities

(a) This comprises:

Central Bank of Nigeria (CBN) Commercial Agriculture Credit Scheme Loan

1,288

629

290

1,288

629

290

Bank of Industry (BOI) Intervention Loan

11,571

16,146

13,498

11,571

16,146

13,498

CBN MSMEDF Deposit

144

251

220

144

251

220

FGN SSB Intervention Fund

-

126,780

-

-

126,780

-

Excess Crude Loan Facilty Deposit

55,245

70,450

59,655

55,245

70,450

59,655

National food security programme (NFSP)

2,637

8,272

6,857

2,637

8,272

6,857

Development Bank of Nigeria (DBN)

3,783

-

-

3,783

-

-

Non-Oil Export Stimulation Facility

578

1,676

1,051

578

1,676

1,051

Nigerian Export-Import Bank (NEXIM) rediscounting & refinancing facility

-

7,691

2,184

-

7,691

2,184

Development Bank of Ghana capital investment and working capital loan

15,260

-

12,674

-

-

-

Mastercard Foundation Bridge-In Agricultural Finance Scheme

-

-

6,940

-

-

-

90,506

231,895

103,369

75,246

231,895

83,755

‌37. Borrowings

Long term borowings comprise: Due to CBN

12

364,118

183,600

12

364,118

183,601

Due to banks for clean letters of credit

138,463

264,655

467,562

567

4,724

193,402

138,475

628,773

651,162

579

368,842

377,003

29

ZENITH BANK PLC

Consolidated and Separate Unaudited Financial Statements for the period ended 30 September 2026

Notes to the Consolidated and Separate Financial Statements

Group

Bank

‌In millions of Naira

30 September

30 September

31 December

30 September

30 September

31 December

2026

2025

2025

2026

2025

2025

38. Derivative liabilities Instrument types (Fair value): Forward and swap contracts

186,702

14,485

194,974

175,038

854

194,400

Futures contracts

-

475

-

-

475

-

‌Put Option

2,390

-

1,098

2,390

-

1,098

189,092

14,960

196,072

177,428

1,329

195,498

39. Share capital Authorised

41,069,830,000 Ordinary shares of 50k each

20,535

20,535

20,535

20,535

20,535

20,535

(December 2025: 41,069,830,000)

Issued and fully paid

41,069,830,000 ordinary shares of 50k each

20,535

20,535

20,535

20,535

20,535

20,535

‌(December 2025: 41,069,830,000)

Issued

Ordinary

20,535

20,535

20,535

20,535

20,535

20,535

  1. Share premium, retained earnings and other reserves

    1. There was no movement in the Share premium account during the current and prior period.

      Share premium 594,113 594,113 594,113 594,113 594,113 594,113

      The nature and purpose of the reserves in equity are as follows:

    2. Share premium: Premiums from the issue of shares are reported in share premium.

    3. Retained earnings: Retained earnings represent undistributed profits, net of statutory appropriations attributable to the ordinary shareholders.

    4. Statutory reserve: This represents the cumulative amount set aside from general reserves/retained earnings by the Bank and its subsidiaries. This amount is non-distributable. The Bank's appropriation is in line with BOFIA 2020 which stipulates that an appropriation of 30% of profit after tax be made if the statutory reserve is less than the paid-up share capital and 15% of profit after tax if the statutory reserve is greater than the paid-up share capital. In the current period, a total of N70.10 billion (31 December 2025: N121.96 billion) representing 15% of Zenith Bank's profit after tax was appropriated.

      Other Non-Nigerian subsidiaries also make appropriation which is base on their profit and in line with the requirement of their Central Bank.

    5. SMIEIS reserve: This reserve represents the aggregate amount of appropriations from profit after tax to finance equity investments in compliance with the directives issued by the Central Bank of Nigeria (CBN) through its circulars dated July 11, 2006 (amended).

      The SMIEIS reserve was maintained in compliance with the Central Bank of Nigeria's requirement that all licensed banks set aside a portion of the profit after tax in a fund to be used to finance equity investments in qualifying small and medium scale enterprises. Under the terms of the guideline issued in July 2006, the contributions were 10% of profit after tax and were expected to continue after the first 5 years after which banks' contributions were to reduce to 5% of profit after tax.

      The small and medium scale industries equity investment scheme reserves are non-distributable.

    6. Fair value reserve: Comprises fair value movements on equity and debt instruments that are carried at fair value through Other Comprehensive Income.

    7. Foreign currency translation reserve: Comprises exchange differences resulting from the translation to Naira of the results and financial position of Group companies that have a functional currency other than Naira.

    8. Credit risk reserve: This reserve represents the cummulative difference between the loan provision determined per the Prudential Guidelines of the Central Bank of Nigeria and the central Bank of other subsidiaries vis-a-viz the allowance/reserve for the loan losses as determined in line with the principles of IFRS 9.

      As at 30 September 2026, the cumulative credit risk reserve of the Group and Bank was N120.14 billion and N104.11billion respectively (31 December 2025: Group N114.32 billion and Bank 104.11 billion).

      30

  2. ‌Group subsidiaries and related party transactions Parent

The Group is controlled by Zenith Bank Plc (incorporated in Nigeria) which is the parent company and whose shares are widely held. Subsidiaries:

Entity

Effective

Holding

%

Nominal share

capital held

Zenith Bank (Ghana) Limited

99.42

7,066

Zenith Bank (UK) Limited

100.00

21,482

Zenith Bank (Sierra Leone) Limited

99.99

2,059

Zenith Bank (The Gambia ) Limited

99.96

1,038

Zenith Pension Custodians Limited

99.00

1,980

Zenith Nominees Limited

99.00

1,000

Zenith Bank (Kenya) Limited

100.00

53,577

Zenith Bank (Cote d'ivoire) Limited

100.00

76,600

-

164,802

Transactions between Zenith Bank Plc and its subsidiaries, which are eliminated on consolidation are not separately disclosed in the consolidated financial statements. The Group's effective interests and investments in subsidiaries as at 30 September 2026 are shown below.

  1. ‌Group subsidiaries and related party transactions (continued) Key management personnel

    Key management personnel is defined as the Group's executive and non-executive directors, including their family members and any entity over which they exercise control. Close members of family are those family members who may be expected to influence, or be influenced by that individual in their dealings with the Group.

    Key management compensation

    Group

    30 September

    Group

    30 September

    Group

    31 December

    2026

    2025

    2025

    Salaries and other short-term benefits

    1,805

    5,056

    6,390

    Retirement benefit cost

    74

    44

    656

    Allowances

    2,010

    4,626

    1,492

    At the end of the period

    3,889

    9,726

    8,538

    Loans and advances to key management personnel At start of the year

    311

    578

    578

    Repayment during the period

    (12)

    (16)

    (267)

    At end of the period

    299

    562

    311

    Interest earned

    Loans to key management personnel include mortgage loans and other personal loans. The loans are repayable from various repayment cycles, ranging from monthly to annually over the tenor and have an average interest rate of 4%. Loans granted to key management personnel are performing.

    Group

    In millions of Naira 30 September 2026 Name of company

    Loans

    Deposits

    Interest received

    Interest paid

    Directors

    305

    3,314

    9

    17

    Quantum Fund Management

    25

    -

    -

    -

    Prudential Zenith Life Insurance Ltd

    -

    1,639

    -

    -

    Cyberspace Network

    -

    441

    -

    -

    Sirius Lumina Ltd

    -

    1

    -

    -

    330

    5,395

    9

    17

    Group

    In millions of Naira 31 December 2025 Name of company

    Loans

    Deposits

    Interest received

    Interest paid

    Directors

    364

    2,499

    20

    23

    Quantum Fund Management

    14

    10

    -

    -

    Zenith General Insurance Company Limited

    -

    1,559

    -

    -

    Cyberspace Network

    1

    677

    -

    -

    Zenith Trustees Ltd

    -

    7

    -

    -

    Oviation Limited

    -

    -

    -

    -

    Sirius Lumina Ltd

    -

    1

    -

    -

    At end of the year

    379

    4,753

    20

    23

    ‌Loans granted to related parties are secured over real estate and other assets of the respective borrowers.

    42. Acceptances and guarantees

    a) Legal proceedings

    The Group is presently involved in several litigation suits in the ordinary course of business. The total amount claimed in the cases against the Group is estimated at N994 million (31 December 2025: N1.9 trillion). The actions are being contested and the Directors are of the opinion that none of the aforementioned cases is likely to have a material adverse effect on the Group and are not aware of any other pending or threatened claims and litigations.

    In arriving at this conclusion, the Group has relied on evidence and recommendations from its internal litigation group and its team of external solicitors.

    1. Capital commitments

      At the reporting date, the Group had capital commitments amounting to N1,188 million (31 December 2025: N1,133 million) in respect of authorized and contracted capital projects.

      Notes to the Consolidated and Separate Financial Statements

      Group Bank

      In millions of Naira 30 September

      2026

      30 September

      2025

      31 December

      2025

      30 September

      2026

      30 September

      2025

      31 December

      2025

  2. ‌Acceptances and guarantees (continued)

    1. Confirmed credits and other obligations on behalf of customers

      In the normal course of business the group is a party to financial instruments with off-balance sheet risk. These instruments are issued to meet the credit and other financial requirements of customers. The contractual amounts of the off-balance sheet financial instruments are:

      In millions of Naira

      Performance bonds and guarantees

      3,033,431

      3,775,111

      2,720,967

      2,894,683

      3,699,609

      2,637,822

      Usance (see note ii below)

      643,122

      2,327,315

      506,042

      643,876

      2,327,315

      506,040

      Letters of credit (see note ii below)

      1,678,620

      861,115

      1,128,057

      1,454,705

      559,725

      993,444

      5,355,173

      6,963,541

      4,355,066

      4,993,264

      6,586,649

      4,137,306

      Assets under custody(see note below)

      12,642,015

      10,118,944

      10,596,215

      12,642,015

      10,118,944

      10,596,215

      1. Letters of credit are agreements to lend to customers in the future, subject to certain conditions such commitments are either made for a fixed year,or have no specific maturity dates,but are cancellableby the group (as lender) subject to notice to notice requirements. These letters of credit are provided at market related interest rates and cannot be settled net in cash.

      2. Usance and letters of credit are agreements to lend to a customer in the future, subject to certain conditions. Such commitments are either made for a fixed period, or have no specific maturity dates, but are cancellable by the Group (as lender) subject to notice requirements. These Letters of credit are provided at market-related interest rates. Usance and letters of credit are secured by different types of collaterals similar to those accepted for actual credit facilities.

      3. The amount of N12.64 trillion (31 December 2025: N10.59 trillion) represents the total pension assets under custody held by the Bank's subsidiary, Zenith Pensions Custodian Limited under the latter's custodial business. Included in the amount above is N384.12 billion (31 December 2025: N371 billion) which represents the amount of the Group's guarantee for the assets held by the subsidiary as required by the National Pensions Commission of Nigeria. Aside from the Guarantee on the pension asset held by our subsidiary, Zenith Pension Custodian Limited, the Group does not have any contingent liabilities in respect of related parties.

  3. Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and other eligible bills, operating account balances with other banks, amount due from other banks and short-term governement securities.

Cash and balances with central banks (less mandatory

1,143,838

894,221

488,885

816,679

619,316

149,287

reserve deposits)

Treasury bills (3 months tenor) (see note 23)

1,048,717

745,216

159,620

827,865

261,485

151,851

Due from other banks

2,187,171

4,403,802

2,209,156

2,018,441

3,324,009

1,937,862

4,379,726

6,043,239

2,857,661

3,662,985

4,204,810

2,239,000

Zenith Bank PLC on 6ix

Earlier from Zenith Bank

Later from Zenith Bank

All Zenith Bank news releases