Five mid-sized Nigerian banks, including Wema Bank, FCMB Group, Sterling Financial Holdings, Jaiz Bank, and Infinity Trust Mortgage Bank, have reported a significant increase in their total assets, reaching N20.47tn in the first half of 2026. This growth is attributed to a surge in their earnings, with the banks generating a combined N1.43tn in gross earnings during the six months ended June 30. The banks' assets include loans, cash, investments, and property, which are expected to provide future economic benefits.
FCMB Group, a 44-year-old lender, had the largest balance sheet among the five banks, with total assets of approximately N8.36tn as of June 30. Wema Bank, an older lender, followed with N5.76tn in assets, while Sterling Financial Holdings reported N4.67tn. Jaiz Bank, Nigeria's first and largest fully licensed non-interest bank, had assets of approximately N1.64tn, and Infinity Trust Mortgage Bank, a specialized mortgage bank, had total assets of about N53.25bn.
The five banks collectively made a profit after tax of N338.4bn in the first half of 2026, with FCMB and Wema accounting for the majority of the profit. FCMB alone contributed about 41% of the aggregate profit, while Wema accounted for approximately 39%. Sterling Financial Holdings contributed nearly 15%, Jaiz Bank about 4.5%, and Infinity Trust Mortgage Bank less than 1%. Wema Bank's profit after tax increased by 50.1% from the corresponding period of 2025.
Wema Bank's financial performance was notable, with the bank reporting N131.37bn in profit after tax on N415.09bn in gross earnings. The bank's assets reached N5.76tn, with a 13.5% increase from N5.07tn at the end of 2025. Loans and advances to customers rose by 21.7% to N2.12tn, and customer deposits increased to about N3.45tn. The bank's interest income rose by 42.7% to N342.64bn.
FCMB's H1 2026 results showed gross earnings of about N676.2bn, up 27.8% from the previous year, while profit after tax reached approximately N139.9bn, an increase of about 90.5%. The bank's total assets stood at approximately N8.36tn, up 9.53%. Sterling Financial Holdings reported N50.30bn in profit after tax and N279.6bn in gross earnings for the first six months, with a 20.4% increase in profit from the previous year.
Jaiz Bank's balance sheet reached approximately N1.64tn, representing growth of about 27% from N1.29tn at the end of 2025. The Islamic lender reported profit after tax of about N15.1bn, compared with N14.45bn a year earlier. The bank's business model differs from that of conventional banks, generating income through financing and investment activities rather than conventional interest income.
Economist and public affairs analyst, Dr. Aliyu Ilias, attributed the strong earnings of the banks to significant benefits from economic activities, particularly in the stock and foreign exchange markets. He noted that while stronger banks are positive for the economy, financial institutions should do more to support productive sectors, particularly manufacturers, agriculture, and small businesses. Dr. Ilias urged the Central Bank of Nigeria to ensure that banks comply with measures aimed at improving credit to those sectors.
Key points
- The five mid-sized Nigerian banks have reported a significant increase in their total assets, reaching N20.47tn in the first half of 2026.
- FCMB Group led the banks with N8.36tn in assets, followed by Wema Bank with N5.76tn.
- The banks collectively made a profit after tax of N338.4bn in the first half of 2026, with FCMB and Wema accounting for the majority of the profit.
