Financial Performance and Risk Profile of Zenith Bank Plc, 2021 to 2025: A Ratio Analysis of Audited Group Financial Statements

This working paper analyses the audited consolidated financial statements of Zenith Bank Plc, a Nigerian listed bank, for 2021 to 2025 (2020 as opening year). Figures from three annual reports are converted into profitability, efficiency, asset quality, liquidity and capital ratios in a public Excel workbook, which reproduces the bank's own reported 2021 ratios for return on equity, cost of risk, loan-to-deposit, non-performing loans and cost-to-income. Main findings: (1) return on average equity peaked at 36.6% in 2023 and fell to 23.2% in 2025; (2) trading and other operating income equalled 67% to 102% of pre-tax profit in 2021-2024 but only 9% in 2025, when net interest income carried earnings; (3) the reported non-performing loan ratio of 3.8% in 2025 sits beside N1.24 trillion of loan write-offs, and adding them back gives 13.5%; (4) capital adequacy (25.3%) and liquidity are strong. Single-bank, nominal-naira, descriptive study; not peer reviewed; not investment advice. The workbook contains every input with its source page and every ratio as a live formula.