Zenith Bank loses N376m to fraud, battles 7,914 customer complaints

Zenith Bank Plc recorded actual losses of N376 million from fraud and forgeries in the six months ended June 30, 2026, amid thousands of customer complaints and billions of naira in claims. The bank disclosed this in its second-quarter financial statement published on the Nigerian Exchange Group (NGX) platform on Tuesday, stating that 171 fraud cases were reported during the period.

According to the report, the bank received 7,914 customer complaints as of June 30, 2026, and resolved 6,780 of them. The number of complaints received exceeded the 7,599 recorded in the corresponding period of 2025, although the report also listed 8,503 complaints as resolved during the same period last year. The bank said claims arising from the complaints amounted to N67.2 billion during the period under review, lower than the N92.77 billion recorded in the corresponding period of 2025. “The bank has complied with the requirement to render monthly returns on fraud and forgeries to the Central Bank of Nigeria (CBN) in accordance with Section 24 of the Banks and Other Financial Institutions Act 2020 and relevant circulars and guidelines issued by the (CBN). “During the period, a total of 171 fraud cases were reported, which resulted in actual loss of N376 million to the bank,” the report stated. Despite the reported fraud losses, Zenith Bank recorded a profit before tax (PBT) of N637.6 billion in the six-month period, up from N625.6 billion in June 2025. However, its gross earnings declined from N2.5 billion in the corresponding period of 2025 to N1.899 billion in the period under review, according to the report. The bank’s profit after tax (PAT) also fell from N532 billion in the first half of 2025 to N430.7 billion in the first half of 2026. Meanwhile, its tax expense rose significantly to N206.8 billion for the six months ended June 30, 2026, compared with N93 billion recorded in the corresponding period of 2025. (NAN) 📰 Get Latest News Updates Join our Telegram group and receive breaking and trending news updates directly on your phone.

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