Zenith Bank (ZENITHBANK) Q1 2025 earnings summary

Executive summary

• Gross earnings for Q1 2025 reached ₦949.9 billion, up 22% year-over-year, driven by a 72% surge in interest income amid a high-interest rate environment.

• Profit after tax was ₦311.8 billion, a 21% increase year-over-year from ₦258.3 billion.

• Profit before tax increased 10% year-over-year to ₦350.8 billion.

• Total assets grew to ₦32.4 trillion as of March 2025, compared to ₦24.3 trillion a year earlier.

• Earnings per share for the quarter stood at ₦7.59, down 8% year-over-year due to share capital increase.

Financial highlights

• Net interest income rose to ₦591.2 billion, up 93% year-over-year.

• Net fee and commission income was ₦56.0 billion, slightly down from ₦57.7 billion in Q1 2024.

• Non-interest income declined 67% year-over-year due to a significant drop in trading gains.

• Operating expenses increased to ₦280 billion, up 39% year-over-year.

• Customer deposits increased to ₦22.68 trillion, up 3% sequentially and from ₦16.78 trillion year-over-year.

Outlook and guidance

• Management expects continued even performance, with no significant seasonality anticipated.

• Focus remains on cost efficiency, digital adoption, and customer experience to drive profitability.

• Well-positioned to deploy further capital for expansion and enhanced shareholder value.

• Global and national events may impact operations depending on their relevance to the bank's activities.