Zenith Bank Plc’s two non-banking subsidiaries earned a combined ₦9.11 billion in profit before tax in the first half of 2026, with its pension custody business contributing about 92% of the total.
Nairametrics reported on October 11, 2026, that Zenith Pensions Custodian Limited and Zenith Nominees Limited generated the earnings in the six months ended June 30, 2026. Their combined profit before tax was equivalent to 60.85% of their full-year 2025 earnings.
The two subsidiaries are each 99%-owned by Zenith Bank, according to the report, giving the lender exposure to their earnings alongside its core banking operations.
Zenith Pensions Custodian led the performance with ₦8.35 billion in profit before tax, while Zenith Nominees contributed ₦762 million. Together, the companies generated ₦13.76 billion in operating income during the period, with combined total assets of ₦47.84 billion as of June 30, 2026.
According to Nairametrics, Zenith Pensions Custodian recorded operating income of ₦12.54 billion and operating expenses of ₦4.28 billion in the first half. Its total assets rose to ₦42.55 billion from ₦37.86 billion at the end of December 2025.
The company’s pension assets under custody increased by 12.7% to ₦11.94 trillion from ₦10.60 trillion over the same period.
Zenith Nominees recorded operating income of ₦1.22 billion and operating expenses of ₦431 million. Its total assets increased to ₦5.29 billion from ₦4.85 billion at the end of 2025, the report stated.
Pension custodians safeguard pension assets on behalf of contributors and handle transactions relating to pension investments. The National Pension Commission (PenCom) identifies their responsibilities as including receiving pension contributions and settling investment transactions on behalf of pension fund administrators.
Zenith Nominees provides nominee, trustee, administration and executorship services for non-pension assets, according to the description in the Nairametrics report.
The results highlight the contribution of specialist financial services to Zenith Bank’s earnings beyond its traditional banking operations. However, the reported 60.85% represents the subsidiaries’ first-half 2026 profit relative to their full-year 2025 earnings, not year-on-year growth.
