Five Nigerian mid-sized banks have grown their combined assets to N20.47tn and recorded N338.4bn in profit after tax in the first half of 2026, as the banking sector continues to benefit from increased earnings.
The banks, FCMB Group, Wema Bank, Sterling Financial Holdings, Jaiz Bank and Infinity Trust Mortgage Bank, generated a combined N1.43tn in gross earnings between January and June 2026, according to an analysis of their financial results by The PUNCH.
FCMB Group recorded the largest asset base among the five at approximately N8.36tn, followed by Wema Bank with N5.76tn and Sterling Financial Holdings with N4.67tn. Jaiz Bank reported assets of about N1.64tn, while Infinity Trust Mortgage Bank had approximately N53.25bn.
The bulk of the profits came from FCMB and Wema. The two banks jointly recorded about N271.25bn, representing roughly 80 per cent of the combined profit.
FCMB posted N139.9bn profit after tax, representing a 90.5 per cent increase from the same period in 2025, while its gross earnings rose 27.8 per cent to N676.2bn.
Wema Bank recorded N131.37bn profit after tax, up 50.1 per cent year-on-year. Its gross earnings climbed 36.9 per cent to N415.09bn, while its total assets increased 13.5 per cent to N5.76tn.
Sterling Financial Holdings posted N50.30bn profit after tax, a 20.4 per cent increase, while its assets rose 19.3 per cent to N4.67tn. However, its credit impairment charges jumped sharply from N5.21bn to about N23.85bn.
Jaiz Bank’s assets increased by approximately 27 per cent to N1.64tn, while profit after tax rose slightly to N15.1bn. As a non-interest bank, Jaiz generates income through financing and investment activities rather than conventional interest-based lending.
The strong financial performance has also renewed questions about how much of the banking sector’s growing wealth is being channelled into productive sectors of the economy.
Economist and public affairs analyst Dr Aliyu Ilias said banks should increase direct lending to manufacturers, agriculture and small businesses, arguing that stronger banks could contribute more significantly to economic development if credit reaches productive sectors.
The figures come amid wider concerns over access to affordable credit in Nigeria. Recent comments from the Federal Government and the World Bank have similarly highlighted the limited flow of bank credit to MSMEs and other job-intensive sectors.
For millions of Nigerians struggling with high living costs and expensive borrowing, the growing balance sheets and profits of banks raise a broader economic question: who ultimately benefits from the expansion of Nigeria’s financial sector?
