Zenith Bank Plc’s non-banking subsidiaries, Zenith Pensions Custodian Limited and Zenith Nominees Limited, posted a combined profit before tax (PBT) of N9.11 billion in the first half of 2026, equivalent to 60.85 per cent of their full-year 2025 earnings.
The two subsidiaries, which are 99 per cent owned by Zenith Bank, generated combined operating income of N13.76 billion in the six months ended June 30, 2026. Their combined total assets stood at N47.84 billion at the end of the period.
Zenith Pensions Custodian accounted for most of the earnings, supported by growth in pension assets under custody. Meanwhile, the group’s acquisition of Paramount Bank Kenya Limited in May expanded its indirect non-banking operations into East Africa.
Zenith Pensions Custodian Limited remained the group’s largest non-banking contributor, providing pension fund custodial services to licensed Pension Fund Administrators and Closed Pension Fund Administrators under the regulatory framework of the National Pension Commission (PenCom).
The subsidiary recorded operating income of N12.54 billion and operating expenses of N4.28 billion in the first half of 2026, resulting in a profit before tax of N8.35 billion.
Its total assets increased to N42.55 billion as of June 30, 2026, from N37.86 billion at the end of December 2025.
Pension assets under custody rose by 12.7 per cent to N11.94 trillion from N10.60 trillion over the same period, reflecting an increase in the value of pension assets administered by the company.
The figures underscore the subsidiary’s importance to Zenith Bank’s non-banking earnings, with its pension custody business accounting for the bulk of the two entities’ combined profit.
Zenith Nominees Limited, which provides nominee, trustee, administration and executorship services for non-pension capital market assets, recorded a profit before tax of N762 million in the first half of 2026.
Its operating income stood at N1.22 billion, while operating expenses amounted to N431 million.
Total assets increased to N5.29 billion as of June 30, 2026, from N4.85 billion at the end of 2025.
Combined, Zenith Pensions Custodian and Zenith Nominees held N47.84 billion in total assets at the end of June, with the pension custodian accounting for the larger share.
Zenith Bank’s acquisition of 100 per cent of Paramount Bank Kenya Limited on May 11, 2026, extended the group’s non-banking interests into East Africa.
The transaction also gave the group indirect ownership of two Kenyan entities: Paramount Bancassurance Intermediary Limited and Paramount Capital Limited.
Paramount Bancassurance Intermediary operates in insurance brokerage and bancassurance distribution, while Paramount Capital provides financial advisory and capital market services.
Both entities have been consolidated into the group’s financial statements from the acquisition date, broadening its presence in financial services beyond Nigeria.
