Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2026, with a 6% growth in Gross Earnings, from N950 billion reported in Q1 2025 to N1.01 trillion in Q1 2026. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Thursday, 30th April 2026, this growth was driven by increase in interest income and non-interest income. The increase in interest income was primarily due to the expansion of the Bank’s risk asset portfolio, supported by disciplined, risk adjusted pricing. Interest expense moderated by 5% YoY in Q1 2026 underscored by a continued optimisation of the Bank’s deposit mix and funding structure. This resulted in a 7% growth in net interest income from N591 billion in Q1 2025 to N634 billion in Q1 2026. Non-interest income also improved 19% year on year, rising from N89 billion to N106 billion, highlighting an improvement in fees and commissions and higher contributions from other operating income streams. This performance reflects stronger customer activity and deeper transaction volumes across key business channels.

As a result, the Group recorded a 3% year on year increase in profit before tax, which rose to N361 billion compared with N351 billion in Q1 2025. Profit after tax also increased by 1% to N314 billion.

Profitability was further supported by a decline in cost of funds to 3.76% in Q1 2026 from 3.90% in Q1 2025; while cost of risk moderated to 2% in Q1 2026, reflecting a prudent and proactive risk management stance in an elevated yield environment.

Gross loans increased by 9% from N11.06 trillion as at full year 2025 to N12.04 trillion in Q1 2026, reflecting the continued commitment to carefully deploying credit into high growth sectors of the economy that enhance portfolio returns. Asset quality strengthened as Non-Performing Loan (NPL) ratio eased to 3.79%, from 3.82% reported in December 2025, underpinned by disciplined credit risk management. Customer deposits rose to N24.47 trillion in Q1 2026, while total assets increased by 2% to N32.01 trillion over the same period.

Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 24.9% and 4% respectively, supported by strong top line earnings and enhanced balance sheet efficiency. Net interest margin (NIM) strengthened to 12.5%, up from 10.3% in Q1 2025, underscoring the Group’s ability to preserve its margins and deliver improved shareholder returns. Prudential ratios remained strong and comfortably above regulatory requirements.

The Group’s Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 23.5% and 71% respectively, while the coverage ratio remained strong at 169%, reinforcing the Bank’s resilient capital and liquidity position.

The Group’s Q1 2026 performance underscores its continued focus on sustaining high quality earnings growth, further strengthening asset quality, and deepening customer engagement through continued digital innovation. The Bank remains firmly committed to delivering sustainable growth anchored on sound corporate governance, prudent risk oversight, and disciplined capital allocation.

The Federal Government of Nigeria has officially commenced plans for the voluntary evacuation of its citizens from South Africa following renewed xenophobic tensions and anti-foreigner protests.

More than 130 Nigerians have registered to be evacuated back home following last week’s protest march in Johannesburg, according to the latest update by the Ministry of Foreign Affairs.

The figure may rise, The Nation learnt.

A statement by the ministry, which confirmed the presidential directive, reads: “Another Demonstration is planned for 4-8 May 2026.

“The President of the Federal Republic of Nigeria has expressed grave concern on this situation following a briefing, and has called for more effective control of the situation by relevant host security services.

“President Bola Tinubu has directed that the situation be monitored very closely. The Nigerian High Commission and the Consulate are in constant communication with relevant host authorities to ensure that the exposure of our nationals to the current tensions is minimized amidst ongoing Consultations with SA’s highest authorities.

“The president has reiterated that the priority at this time remains the safety of our citizens. Consequently, arrangements are currently underway to collate details of Nigerians in South Africa for voluntary repatriation flights for those seeking assistance to return home.

“So far, 130 applicants have duly registered for the exercise with our mission in S.A, but this figure is expected to rise. Nigerian associations in South Africa are also assisting our mission in this regard.”

“Nigeria is a frontline state which made great sacrifices towards the liberation struggles of South Africa, a fact which needs to be distilled down to the younger generation in South Africa.

“Nigerian lives and businesses in SA must not continue to be put at risk, and we remain committed to working with South Africa to explore ways to put an end to this xenophobic pattern. It has become a repetitive wave, most especially prior to elections in South Africa, and anti-foreigner opposition parties leverage this situation to garner votes. Nigeria recently signed a memorandum of understanding with South Africa on early warning to protect citizens of both countries, especially in times such as these.”

The April protests spearheaded by a local anti-migration movement, in Pretoria and Johannesburg between 27 to 29, witnessed a largely peaceful procession, under the presence of heavily armed police who occasionally sprayed teargas to deter the protesters from engaging in violent activity.

“There is no recorded killing of any Nigerian or destruction of Nigerian- owned properties during this particular protest.

“However, two Nigerian Nationals have been reported killed in separate incidents involving security personnel- Amamiro Chidiebere Emmanuel died on 25th of April 2026 as a result of injuries sustained from brutal beatings by military personnel of the South African National Defence Force on 20th April 2026 in Port Elizabeth.

“Nnaemeka Matthew Andrew also died following an alleged interaction with members of the Tshwane Metro Police, and his body discovered at the Pretoria Central mortuary on 20th April 2026.

“This is utterly condemnable and unacceptable. The Nigeria High Commission is closely following investigations into these unfortunate incidents and Nigeria demands justice be done in these cases.”

Prominent leaders and stakeholders of the All Progressives Congress (APC) in Surulere Constituency I have endorsed Barakat Odunuga-Bakare for the Lagos State House of Assembly seat.

Odunuga-Bakare is a former Special Adviser on Housing to Governor Babajide Sanwo-Olu and previously served as the Leader of the Surulere Local Government Legislative Counci

The endorsement came during a week-long consultation tour by Odunuga-Bakare and her team across political wards in the constituency.

The tour covered Wards E, E1, F1, F2, F3, G, G1, G2 and G3, as well as meetings with other party stakeholders, ending on Saturday.

Odunuga-Bakare, who recently resigned as Special Adviser on Housing to Governor Babajide Sanwo-Olu, is seeking the All Progressives Congress (APC) ticket for the constituency.

She is expected to contest the party’s primary against Nollywood actor and incumbent lawmaker, Desmond Elliot, who is seeking a fourth term in office.

Speaking during the meetings on Saturday, Mrs Khadijat Kareem, the Personal Assistant to President Bola Tinubu on Constituency Affairs, described Odunuga-Bakare as competent and experienced, saying she has the capacity to deliver effective representation.

According to Kareem, the aspirant distinguished herself as Leader of the Surulere Local Government Legislative Council and later as Special Adviser to the governor.

She urged party leaders, members, women and youths in the constituency to support her aspiration, expressing confidence that the constituency would benefit from her emergence.

Kareem added that the impact of President Tinubu’s administration was visible across Surulere and stressed the need for a representative who would attract more development to the area.

She said, “When we talk about experience and competence, Barakat has got both. She served well as Leader of the Legislative Council and Special Adviser to Governor Sanwo-Olu, and she will deliver as our representative.

“She is a go-getter, a hard-working person. She is a youth who understands the demands of governance, and she will do well for us.”

Also speaking, Chairman of Surulere Local Government, Mr Sulaiman Yusuf, commended incumbent lawmaker Desmond Elliot for his service but said it was time for another candidate to emerge.

He noted that Odunuga-Bakare had twice stepped down from her ambition in the past following appeals by party leaders and deserved support this time.

Yusuf described her as loyal, capable and performance-driven, adding that she has the qualities needed to represent the constituency effectively.

“Let us be sincere with ourselves, this young woman deserves to be supported for the seat this time around. The other time, she stepped down, but this is her time.

“Mr Desmond Elliot has done his best for the constituency, but there is time for everything. He has served for three terms and it is time to give another person the opportunity.

“Honourable Barakat is young and competent and she is somebody we can rely on for performance. I declare my support for her and I want everyone else to support her,” he said.

He further stated that Chief of Staff to the President, Mr Femi Gbajabiamila, supported her aspiration and urged his supporters to align with the project.

Leader of the Surulere Local Government Legislative Council, Mr Abdul Hakeem Abdul Rahman, also praised Odunuga-Bakare’s contributions to the constituency and called for support for her candidacy.

Other speakers, including ward chairmen, similarly endorsed her bid, citing her role in the development of Surulere.

Responding, Odunuga-Bakare thanked party leaders and members for their confidence in her.

She said she remains committed to the growth and development of Surulere and promised quality representation if elected.

The aspirant urged party members to remain united ahead of the APC primaries scheduled for March 20, saying the focus should be on strengthening the party and advancing the interests of Surulere.

She also pledged not to disappoint supporters if given the mandate.

“I thank you all for this show of overwhelming love for me and support for my bid. God bless you all.

“As you all know, I am passionate about the development of Surulere. I want to represent you at the Assembly to further bring home dividends of democracy. I value your support and love and I urge you to keep supporting me.

“We are having the Assembly primaries on March 20. I am counting on your support to emerge as our party’s flag bearer.

“Please, support my aspiration and I promise you that I will raise the bar and deliver.

“This is not the time to fight; this is a time to unite for the good of APC and Surulere. I am for Surulere and will not disappoint,” she said.

Odunuga-Bakare donated N1 million to party members in each of the wards visited during the consultation tour.