Zenith Bank continues to lead Nigeria’s banking sector in profitability despite economic headwinds. On March 31, 2026, the bank reported a profit before tax of N360.92 billion for Q1 2026, marking a 2.88% increase from N350.82 billion in the same period last year.
The bank’s profit after tax climbed to N314.02 billion. This robust performance placed Zenith Bank at the forefront of Nigeria’s financial landscape, where the combined profit before tax of seven major banks reached N1.6 trillion in Q1 2026.
Key financial highlights:
- Zenith Bank retained its position as Nigeria’s most profitable lender in Q1 2026.
- The combined profit after tax of these banks rose to N1.27 trillion.
- The aggregate profit before tax of the banks grew by 6.77% from N1.5 trillion in Q1 2025.
- The performance was buoyed by elevated yields on government securities and strong interest income from loans and advances.
The banking sector in Nigeria has shown resilience amid economic challenges such as inflationary pressures and exchange rate volatility. Despite these issues, Zenith Bank’s earnings growth remained steady, even with rising impairment charges and operating costs.
The Central Bank of Nigeria reported that as of March 6, 2026, 30 banks have met new minimum capital requirements. Access Holdings Plc also reported a profit before tax of N272.21 billion, up by 22.2% from the previous year.
This recapitalisation initiative, introduced in 2024, aims to reinforce the stability and long-term capacity of Nigeria’s banking system. Yet, Access Holdings noted a decline in interest income compared to Q1 2025.
The future remains uncertain as financial institutions navigate through these economic challenges while striving to maintain profitability and stability.