FIVE BANKS’ ASSETS RISE TO N20.47TN

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Five Nigerian banks recorded combined assets of N20.47tn in the first half of 2026, alongside a total profit after tax of N338.4bn.

The banks, comprising Wema Bank, FCMB Group, Sterling Financial Holdings, Jaiz Bank and Infinity Trust Mortgage Bank, also generated combined gross earnings of N1.43tn in the six months ended June 30, 2026.

FCMB Group recorded the largest balance sheet among the five institutions, with total assets of about N8.36tn as of June 30. Wema Bank followed with N5.76tn, while Sterling Financial Holdings recorded N4.67tn.

Jaiz Bank reported assets of approximately N1.64tn, while Infinity Trust Mortgage Bank had total assets of about N53.25bn.

FCMB and Wema Bank accounted for about 80 per cent of the combined profit, with profits of N139.9bn and N131.37bn respectively.

Wema Bank’s profit after tax increased by 50.1 per cent compared with the corresponding period of 2025, while FCMB’s profit after tax rose by about 90.5 per cent.

Sterling Financial Holdings reported N50.30bn in profit after tax, while Jaiz Bank recorded approximately N15.1bn.

The growth came amid stronger earnings across the banks, although an economist, Aliyu Ilias, said financial institutions should channel more credit towards productive sectors such as manufacturing, agriculture and small businesses.