Zenith Bank has disclosed that its Staff Provident Fund, which is made up of salary contributions from employees, recently bought 33,015,935 units of the bank’s shares worth about N2.3 billion.

The disclosure was contained in a director dealing notice filed with the Nigerian Exchange on 11th November 2025 and signed by the company secretary, Michael Osilama Otu.

According to the filing, the purchase was carried out in nine tranches at an average price of N69.67 per share under transaction ID 029200268F8M5Y1629, executed over three trading days on September 26, 29, and 30 on the NGX in Lagos.

On November 7, 2025, the fund cashed out 1,750,000 units at N59.98 per share, totaling N104.97 million, likely to meet employee benefit obligations.

The September purchase illustrates how institutions can grow staff funds through strategic investments in the equities market.

For the nine months ended September 30, 2025, Zenith Bank spent N182 billion on personnel expenses, up from N150.6 billion in the same period the previous year.

Apart from rising personnel costs, other operating expenses also increased, reaching N532.1 billion, up 12.74% for the nine-month period. These higher expenses weighed on pretax profit despite strong top-line growth.

On the revenue side, interest income saw a sharp rise, growing 40.7% to N2.74 trillion, compared with N1.94 trillion in the same period of 2024. This growth was largely driven by:

Despite total expenses of N814.2 billion during the period, net interest income still rose to N1.92 trillion, up from N1.2 trillion in the prior period.

After accounting for an impairment charge of N781.5 billion, net income stood at N1.14 trillion, up 42.63%, before operational expenses tempered the overall impact on profitability.

Zenith Bank’s total assets rose by 2.6% to N31.17 trillion, supported by growth in several key areas.

On the liabilities side, customer deposits drove growth, rising 9.8% to N23.68 trillion.

Zenith Bank shares have performed well, gaining over 30% year-to-date on the Nigerian Exchange and currently trading at N59.40.