Full List: Meet Nigerian Banks With Over N20 Trillion Assets Amid Surge in Earnings
- Five Nigerian lenders reported ₦20.47 trillion in combined assets and ₦338.4 billion in first-half 2026 profit
- FCMB and Wema generated about 80 per cent of the banks’ combined profit after tax
- An economist urged lenders to expand direct financing for manufacturers, agriculture and small businesses
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Five Nigerian lenders reported combined assets of ₦20.47 trillion and profit after tax of ₦338.4 billion in the first half of 2026, highlighting strong earnings across the institutions.
Financial figures compiled showed that FCMB Group, Wema Bank, Sterling Financial Holdings, Jaiz Bank and Infinity Trust Mortgage Bank generated approximately ₦1.43 trillion in combined earnings during the six months ended June 30.
Source: Getty Images
The ₦20.47 trillion represents their collective assets, rather than the balance sheet of any individual lender. Assets include loans, cash, investments and property, according to a report by Punch
FCMB and Wema dominate profits
FCMB led the group with assets of approximately ₦8.36 trillion, followed by Wema with ₦5.76 trillion and Sterling with ₦4.67 trillion. Jaiz reported ₦1.64 trillion, while Infinity Trust’s assets stood at ₦53.25 billion.
FCMB and Wema together generated approximately ₦271.25 billion in profit after tax, accounting for about 80 per cent of the five institutions’ combined profit.
FCMB’s gross earnings increased 27.8 per cent to ₦676.2 billion, while profit after tax jumped approximately 90.5 per cent to ₦139.9 billion. Profit before tax rose 98.8 per cent to ₦157.3 billion.
Its total assets expanded by 9.53 per cent.
Wema delivered profit after tax of ₦131.37 billion, nearly matching FCMB despite its smaller asset base.
The bank’s unaudited results showed that profit after tax grew 50.1 per cent, while gross earnings increased 36.9 per cent to ₦415.09 billion. Interest income climbed 42.7 per cent to ₦342.64 billion.
Wema’s loans and advances increased 21.7 per cent to ₦2.12 trillion, while customer deposits reached approximately ₦3.45 trillion.
Sterling grows despite higher impairment charges
Sterling Financial Holdings recorded profit after tax of ₦50.30 billion, up 20.4 per cent from ₦41.78 billion a year earlier.
Gross earnings rose 31.5 per cent to ₦279.6 billion, while profit before tax increased 21.9 per cent to ₦55.53 billion.
However, credit impairment charges climbed sharply to approximately ₦23.85 billion from ₦5.21 billion. Its reported non-performing loan ratio remained at 4.7 per cent.
Customer deposits grew 21.1 per cent to ₦3.62 trillion, while loans and advances increased 13.7 per cent to ₦1.61 trillion.
Jaiz expands as Infinity remains smaller
Jaiz Bank’s assets grew approximately 27 per cent from ₦1.29 trillion at the end of 2025.
Profit after tax reached about ₦15.1 billion, compared with ₦14.45 billion a year earlier. Gross income from financing and investment transactions increased to ₦54.5 billion from ₦44.01 billion.
As a non-interest bank, Jaiz generates income through financing and investment activities rather than conventional interest.
Infinity Trust remained considerably smaller. Its focus on housing finance also makes direct comparisons with diversified banking groups less straightforward.
Economist seeks stronger business lending
Economist Dr Aliyu Ilias told The PUNCH that banks were benefiting from economic activity, particularly in stock and foreign exchange markets.
He urged lenders to channel more funding towards manufacturers, agriculture and small businesses.
Source: UGC
“Banks should actually support MSMEs and agriculture through direct lending,” he said, calling on the Central Bank of Nigeria to enforce measures designed to improve credit access for these productive sectors.
Nigerian banks with highest-paid CEOs
Legit.ng earlier reported that executive pay at some of Nigeria’s biggest banks rose sharply in 2025, with the remuneration of several highest-paid directors growing much faster than profits.
Financial statements from five major banking groups show that FCMB Group recorded the highest absolute remuneration for its highest-paid director at N447.9 million, followed by Zenith Bank at N367 million and Access Holdings at N293 million.
Source: Legit.ng
