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Zenith Bank, one of Nigeria’s largest banks, has cancelled its plan to seek shareholder approval to raise N100 billion via a combination of share or bond sale and global depository receipts, according to a Reuters report on Thursday.

Michael Anyimah, Zenith Bank’s Head of Investor Relations, said the bank cancelled the planned fund-raising because of weak market conditions caused by Nigeria’s struggling economy.

Last month, Zenith Bank had announced that it would raise capital to shore up its buffers given the surge in non-performing loans in the industry. Anyimah said the bank had expected market conditions to improve prior to the announcement.

“The request for shareholders' approval to raise fresh capital has been withdrawn,” Anyimah said, adding that the bank had strong buffers to support its operation.

In its 2016 financial results, Zenith Bank reported that after-tax profit rose by 23 percent year-on-year to N129.65 billion while gross earnings rose 17 percent to N508 billion. The bank also said NPL ratio rose to 3 percent from 2.2 percent in 2015.

Zenith Bank has over 500 branches in Nigeria as well as subsidiaries in Gambia, Ghana, Sierra Leone, and the United Kingdom. The bank also has representative offices in South Africa and China. As of December 2016, Zenith Bank’s total assets reached N4.74 trillion.

Shares in Zenith Bank fell by 1.45 percent to close at N13.6 per share at the Nigerian Stock Exchange on Thursday. The bank’s shares have fallen by 6.4 percent so far this year.