Five Nigerian mid-sized banks recorded combined total assets of ₦20.47tn in the first half of 2026, while their aggregate profit after tax reached ₦338.4bn.
The institutions—FCMB Group, Wema Bank, Sterling Financial Holdings, Jaiz Bank and Infinity Trust Mortgage Bank—also generated combined gross earnings of about ₦1.43tn during the six months ended June 30, 2026.
FCMB leads in assets
FCMB Group recorded the largest balance sheet among the five, with total assets of approximately ₦8.36tn as of June 30.
Wema Bank followed with ₦5.76tn, while Sterling Financial Holdings recorded ₦4.67tn. Jaiz Bank reported assets of approximately ₦1.64tn, while Infinity Trust Mortgage Bank had about ₦53.25bn.
FCMB’s gross earnings increased by 27.8 per cent to ₦676.2bn, while profit after tax rose by about 90.5 per cent to ₦139.9bn. Its profit before tax also increased by 98.8 per cent to ₦157.3bn.
Wema records strong growth
Wema Bank reported ₦131.37bn in profit after tax, representing a 50.1 per cent increase from the same period in 2025.
Its gross earnings rose 36.9 per cent to ₦415.09bn, while profit before tax increased 53.7 per cent to ₦154.56bn.
The bank’s total assets grew by 13.5 per cent from ₦5.07tn at the end of 2025 to ₦5.76tn in June 2026. Loans and advances to customers increased by 21.7 per cent to ₦2.12tn, while customer deposits reached about ₦3.45tn.
Sterling and Jaiz also expand
Sterling Financial Holdings recorded ₦50.30bn in profit after tax, up 20.4 per cent from ₦41.78bn a year earlier. Its total assets increased 19.3 per cent to ₦4.67tn.
Customer deposits rose 21.1 per cent to ₦3.62tn, while loans and advances increased 13.7 per cent to ₦1.61tn. However, the group’s credit impairment charges also increased significantly during the period.
Jaiz Bank’s assets grew by approximately 27 per cent to ₦1.64tn. The non-interest bank recorded ₦15.1bn in profit after tax, compared with ₦14.45bn in the first half of 2025.
Call for more lending to businesses
Economist and public affairs analyst Dr Aliyu Ilias attributed the banks’ earnings growth partly to increased activity in Nigeria’s stock and foreign exchange markets.
He also called for greater lending to productive sectors such as manufacturing, agriculture and small businesses, saying stronger bank balance sheets could support broader economic activity if more funds are channelled into those areas.
The latest figures come ahead of the release of audited first-half results by some of Nigeria’s larger Tier 1 banks.
