Zenith bank redefines banking power in Nigeria

Zenith Bank Plc has become the first Nigerian lender to cross the N5 trillion market capitalisation milestone, strengthening its lead as the country’s most valuable banking group.

The achievement follows a sustained rally in the bank’s shares, supported by strong financial results and growing investor optimism over its planned listing on the London Stock Exchange (LSE) by 2027.

Data from the Nigerian Exchange Limited (NGX) shows Zenith’s share price rose by 0.9 percent to N124 on Wednesday, lifting its market value to N5.09 trillion from N4.72 trillion. The upward momentum has since continued, with the bank’s valuation climbing further to N5.22 trillion at a share price of N127 as of Monday.

The development places Zenith ahead of Guaranty Trust Holding Company (GTCO), whose market capitalisation stands at N4.75 trillion, although GTCO currently trades at a higher share price of N129.9. Meanwhile, Stanbic IBTC Holdings retains the highest stock price among banking equities at N169.7 per share.

Zenith’s market performance has been underpinned by robust earnings. The bank reported a profit after tax of N1.04 trillion for the most recent financial year, slightly higher than N1.03 trillion in 2024, reinforcing its position as Nigeria’s most profitable lender.

Key balance sheet indicators also showed strong growth. Net interest income rose 53 percent to N2.64 trillion, customer deposits increased to N24.33 trillion from N21.96 trillion, while loans and advances expanded to N10.45 trillion from N9.96 trillion, reflecting sustained credit expansion.

Investor confidence has further been boosted by Zenith’s plans to strengthen its international presence through a potential listing on the London Stock Exchange. The move is expected to deepen access to global capital and enhance the bank’s role in cross-border banking.

The bank already maintains international exposure through its Global Depository Receipts (GDRs), listed in London since 2013 under the ticker ZENB.L. In July last year, GTCO became the first Nigerian bank to secure a full LSE listing, raising about $105 million.

Zenith says its proposed London listing forms part of a broader strategy to expand its global footprint and support international trade flows. This includes the ongoing expansion of its UK operations with a new branch in Manchester—its first outside London—expected to create around 30 jobs and focus on corporate banking, trade finance, and treasury services.

Group Managing Director and Chief Executive Officer, Adaora Umeoji, said the Manchester expansion aligns with the bank’s long-term vision of strengthening its global presence.

She noted that the UK remains a key financial hub for building client relationships, facilitating trade, and connecting African and European markets.