Mid-Sized Nigerian Banks Report N20.47tn in Assets

In the first half of 2026, five mid-sized Nigerian banks—Wema Bank, FCMB Group, Sterling Financial Holdings, Jaiz Bank, and Infinity Trust Mortgage Bank—reported total assets of N20.47tn and a combined profit after tax of N338.4bn. FCMB Group had the largest balance sheet at approximately N8.36tn, followed by Wema Bank with N5.76tn, and Sterling Financial Holdings with N4.67tn.

FCMB contributed about 41% of the total profit, while Wema accounted for approximately 39%. Wema Bank reported a profit after tax of N131.37bn, a 50.1% increase from the previous year, with gross earnings of N415.09bn.

FCMB's gross earnings reached about N676.2bn, a 27.8% increase, with profit after tax at approximately N139.9bn, marking a 90.5% rise. Sterling Financial Holdings reported N50.30bn in profit after tax and N279.6bn in gross earnings, reflecting a 20.4% profit increase.