Nigeria’s Tier one lender, Zenith Bank Plc has become the first Nigerian deposit money bank to surpass the N5 trillion market capitalisation mark.
By this feat, the bank, also, the most profitable lender, based on 2025, financials, has consolidated its position as the country’s most valuable deposit money bank.
Recent rally in the lender’s shares, anchored on strong earnings performance and investor optimism over its planned listing on the London Stock Exchange by 2027, (LSE), among others, were responsible for the achievement.
Specifically, data from the Nigerian Exchange Limited (NGX) show that the pan-African banking group’s shares rose by 0.9 percent to N124 at the close of trading on Wednesday, pushing its market capitalisation to N5.09 trillion from N4.72 trillion.
The company has since sustained its position above the threshold, rising further to N5.22 trillion with a share price of N127 as of Monday.
Accordibg to BusinessDay, the milestone places Zenith ahead of Guaranty Trust Holding Company (GTCO), whose market value stood at N4.75 trillion, although GTCO’s share price remains higher at N129.9. Stanbic IBTC Holdings Plc continues to command the highest banking stock price at N169.7 per share.
Zenith’s market surge comes a few days after the bank reaffirmed its position as Nigeria’s most profitable lender, reporting a profit after tax of N1.04 trillion for last year, up from N1.03 trillion in 2024.
The bank’s performance was supported by strong growth in core income lines. Net interest income rose by 53 percent to N2.64 trillion, while customer deposits increased to N24.33 trillion from N21.96 trillion.
Loans and advances also expanded to N10.45 trillion from N9.96 trillion, reflecting continued credit growth.
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London Listing To Unlock Global Capital
Investor sentiment has also been buoyed by the bank’s plans to deepen its international footprint through a potential London listing, which is expected to broaden access to global capital and enhance its competitiveness in cross-border banking.
The move reflects a broader trend among African lenders seeking to tap international capital markets to support expansion and facilitate trade flows.
In a statement last month, Zenith Bank said the proposed listing forms part of a broader strategy to strengthen its global presence and support cross-border economic activity.
The bank already maintains an international investor base through its Global Depository Receipts (GDRs), which have been listed on the London market since 2013 under the ticker ZENB.L.
The listing plans also coincide with the expansion of Zenith’s UK operations, including the opening of a new branch in Manchester—its first outside London.
The branch is expected to create about 30 direct jobs and will focus on corporate banking, trade finance and treasury services, particularly for businesses operating along the UK–Africa trade corridor.
The bank’s group managing director and chief executive officer, Adaora Umeoji, had said the Manchester expansion aligns with the lender’s long-term strategy to strengthen its global footprint.
Umeoji noted that the United Kingdom remains a critical financial hub for deepening client relationships, facilitating trade flows, and enhancing connectivity between African and European markets.
