Nigerian mid-sized banks report surge in assets and profits

Mid-sized Nigerian banks have reported significant growth in assets and earnings. Five Tier 2 lenders—FCMB Group, Wema Bank, Sterling Financial Holdings, Jaiz Bank, and Infinity Trust Mortgage Bank—saw their combined total assets reach N20.47tn and combined profit after tax hit N338.4bn during the first half of 2026.

FCMB Group held the largest balance sheet among this group with N8.36tn in assets, while Wema Bank followed with N5.76tn. FCMB and Wema were the primary profit drivers, accounting for approximately 80 percent of the group's total profit. Wema Bank reported a 50.1 percent increase in profit after tax compared to the same period in 2025.

Separately, AG Mortgage Bank Plc reported a 48 percent increase in total assets, rising to N33.04bn in 2025. The lender's loans and advances grew by 44 percent to N22.71bn, while gross earnings rose 42 percent to N4.93bn. Board Chairman Abel Amadi stated the bank is focusing on becoming a technology-driven institution to meet Nigeria’s housing-finance needs.