Zenith Bank Plc, one of Nigeria’s largest lenders by market capitalization, has released its full-year 2025 audited results, reporting a massive ₦1.04 trillion Profit After Tax (PAT).
While the bank joined the elite “Trillion Naira Profit Club” for the second consecutive year, the headline story for investors is the 23% slump in Earnings Per Share (EPS).
The decline in EPS to ₦25.32 (down from ₦32.87 in 2024) is a direct consequence of the bank’s massive capital raise during the CBN’s ₦4.65 trillion recapitalization programme, which saw its outstanding shares surge by nearly 10 billion units.
Financial Summary: Growth vs. Dilution
While gross earnings and net profit remained stable, the “share count explosion” has fundamentally changed the per-share value for existing investors.
| Metric | FY 2024 (Actual) | FY 2025 (Actual) | Change |
| Gross Earnings | ₦3.97 Trillion | ₦4.19 Trillion | +5.5% |
| Profit After Tax (PAT) | ₦1.03 Trillion | ₦1.04 Trillion | +0.8% |
| Shares Outstanding | 31.39 Billion | 41.06 Billion | +30.8% |
| Earnings Per Share (EPS) | ₦32.87 | ₦25.32 | -23.0% |
| Total Dividend | ₦5.00 | ₦10.00 | +100% |
Source: MoneyCentral, Zenith Bank
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The Dilution Effect: To meet the new regulatory capital requirements, Zenith issued roughly 9.67 billion new shares. Because profit remained “flat” (growing only 0.8%), that trillion-naira pie had to be divided among 31% more shares, leading to the EPS drop.
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Revenue Resilience: Gross earnings of ₦4.19 trillion show that Zenith continues to dominate the corporate lending and trade finance space, even as it navigates the $150 oil threat and regional volatility.
Dividend Alpha: The ₦10.00 Payout Strategy
To compensate shareholders for the EPS dilution and maintain its “Blue Chip” status, the Board has taken the aggressive step of doubling the total dividend.
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Total Payout: ₦10.00 per share (Interim: ₦1.25 | Final: ₦8.75).
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Yield Analysis: At the closing price of ₦103.00 on April 2, 2026, this represents a 9.7% dividend yield.
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Comparison: While this is a record payout for Zenith, it still trails the ₦12.76 total dividend offered by its primary rival GTCO, though Zenith’s absolute payout volume is larger due to its share count.
Strategic Outlook: The 2027 London Listing
The 2025 results serve as the foundation for Zenith’s next major move: a dual listing on the London Stock Exchange (LSE).
The move is a strategic play to tap into international capital pools and fuel a growing pipeline of cross-border financing deals in the UK and beyond.
