Five prominent mid-tier banks in Nigeria have collectively reported assets totaling ₦20.47 trillion and a profit after tax of ₦338.4 billion for the first half of 2026. This impressive financial performance underscores the resilience and growth of the banking sector amidst economic challenges.

The banks involved in this report include FCMB Group, Wema Bank, Sterling Financial Holdings, Jaiz Bank, and Infinity Trust Mortgage Bank. According to data compiled, these institutions generated an estimated ₦1.43 trillion in earnings during the six months ending June 30, 2026.

FCMB Group emerged as the leader in both asset size and profit, boasting approximately ₦8.36 trillion in assets. The bank's profit after tax surged by 90.5 percent to reach ₦139.9 billion, while gross earnings increased by 27.8 percent to ₦676.2 billion. Additionally, FCMB's total assets grew by 9.53 percent, indicating a robust operational performance.

Wema Bank followed closely, with assets amounting to ₦5.76 trillion. The bank reported a profit after tax of ₦131.37 billion, reflecting a 50.1 percent increase. Wema's gross earnings also saw a significant rise of 36.9 percent to ₦415.09 billion, driven by a 42.7 percent increase in interest income, which reached ₦342.64 billion. The bank's customer deposits reached approximately ₦3.45 trillion, alongside a 21.7 percent increase in loans and advances.

Sterling Financial Holdings recorded a profit after tax of ₦50.30 billion, marking a 20.4 percent increase from the previous year. Its gross earnings rose by 31.5 percent to ₦279.6 billion, although the bank faced rising credit impairment charges, which jumped to approximately ₦23.85 billion from ₦5.21 billion. Despite this challenge, Sterling's customer deposits grew by 21.1 percent to ₦3.62 trillion.

Jaiz Bank, which operates as a non-interest bank, reported a 27 percent increase in assets, totaling about ₦1.64 trillion. The bank's profit after tax reached ₦15.1 billion, up from ₦14.45 billion the previous year, with gross income from financing and investment transactions rising to ₦54.5 billion.

Infinity Trust Mortgage Bank, while significantly smaller with assets of ₦53.25 billion, continues to focus on housing finance, differentiating its operations from the more diversified banking groups.

Economist Dr. Aliyu Ilias emphasized the need for banks to enhance their support for sectors such as manufacturing, agriculture, and small businesses. He urged financial institutions to prioritize direct lending to these productive sectors, advocating for measures from the Central Bank of Nigeria to improve credit access.

The strong performance of these mid-tier banks highlights their crucial role in Nigeria's economic landscape, as they navigate the complexities of the financial market and strive to support growth in various sectors.