Zenith Bank Swings to Record N1.09trn FX Gain

Zenith Bank, Nigeria’s second-biggest lender by market capitalisation, swung to a foreign exchange revaluation gain of N1.09 trillion last year from a loss of N358.10 billion in 2023.

Its earnings report shows that it was charged N63.31 billion as windfall tax, which was imposed last year by the government on foreign exchange gains made by banks following the devaluation of the naira.

Markets Reporters earlier reported that the lender posted a trillion-naira profit after tax last year for the first time since it was established 34 years ago.

Its net income jumped to N1.03 trillion from N676.9 billion in the previous year, its earnings report released on Thursday shows.