Zenith Bank Plc has crossed the ₦3 trillion market capitalisation threshold, becoming the second Nigerian bank to achieve this milestone after Guaranty Trust Holding Company Plc (GTCO). The development highlights the growing investor confidence in Nigeria’s top-tier banks amid strong financial performance.
As of Wednesday, Zenith’s share price climbed 6.29% to ₦76 per share ($0.049) on the Nigerian Exchange Limited (NGX), pushing its market value to ₦3.12 trillion ($2.04 billion). This marks a 6.1% rise from ₦2.94 trillion ($1.92 billion) recorded on Monday.
With this surge, Zenith has cemented its status as Nigeria’s second most valuable lender by market capitalisation, trailing only GTCO, which is valued at ₦3.68 trillion ($2.41 billion). Zenith is now in close range of non-bank heavyweights such as Seplat Energy (₦3.21 trillion) and BUA Cement (₦3.45 trillion).
Zenith and GTCO have both demonstrated robust earnings strength, becoming the first banks in the country’s history to post annual after-tax profits exceeding ₦1 trillion ($654 million) in 2024. Zenith Bank led the pack with ₦1.03 trillion ($673.6 million), followed closely by GTCO’s ₦1.02 trillion ($667.1 million).
“The bank’s impressive performance reflects effective management and pricing of risk assets, as well as an optimised treasury portfolio—reinforcing its position as a leader in Nigeria’s banking industry,” said Adaora Umeoji, group managing director and CEO of Zenith Bank.
GTCO’s group CEO, Segun Agbaje, attributed the bank’s resilience to proactive balance sheet management. “We have prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, while fully accruing for the windfall tax. This has further enhanced our financial resilience,” he said.
The stellar performance of Nigeria’s banking sector has drawn attention from the federal government, which recently introduced a one-off windfall tax targeting bank earnings. The proceeds are intended to support infrastructure, healthcare, education, and social welfare initiatives. In 2024, nine leading banks, including Zenith and GTCO, paid a combined ₦313 billion ($197.2 million) in taxes.
Zenith’s latest valuation milestone not only reinforces its position as a dominant force in Nigeria’s financial landscape but also reflects the broader investor optimism surrounding the country’s banking sector.
The figures were originally reported in naira, and have been converted using $1 = ₦1,529 as of July 14, 2025.
