FCMB Group and Wema Bank posted the fastest profit growth among Nigeria’s mid-sized lenders in 2025, riding a surge in interest income and loan expansion to outpace peers even as the Central Bank of Nigeria began easing rates.
BusinessDay analysed the audited 2025 financial statements of the tier-2 banks listed on the Nigerian Exchange, namely FCMB Group, Stanbic IBTC Holdings, Sterling Financial Holding Company, Ecobank Transnational Incorporated, and Wema Bank, which collectively generated a profit after tax of N1.78 trillion in 2025, a 52.2 percent increase from N1.17 trillion reported in 2024. That compares to N138 billion raised in 2021.
Ecobank reported the highest profit, amounting to N959 billion, followed by Stanbic IBTC with N381 billion and Wema Bank with N193 billion, respectively.
In terms of growth, FCMB reported the highest after-tax profit growth rate of 141 percent, followed by Wema Bank at 124 percent and Sterling HoldCo at 81 percent.
Five of the banks surveyed all recorded positive year-to-date (YTD) growth in their share prices in 2025 on the local equities market.
In market value, Ecobank, Wema, and Stanbic belong to the trillion-naira market value group on the Nigerian Exchange Group, with a combined value of N4.16 trillion. FCMB and Sterling recorded market values of N584 billion and N459 billion, indicating investors’ confidence in mid-sized banks.
Best-performing tier-2 banks in 2025
BusinessDay presents a ranking of the best Tier-2 banks in the 2025 financial year, using metrics such as gross earnings growth, asset growth, deposit growth, loan book growth, and interest income.
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Leading banks by gross earnings
The total gross revenue for the five major lenders was N8.16 trillion, up 24.28 percent from N6.57 trillion in 2024, indicating that the banks handled more business during the year, collecting higher income from loans, investments, and service charges.
The fastest expansion came from Wema Bank, whose earnings rose by 50.81 percent to N653 billion. The performance suggests the bank is rapidly expanding its customer base and financial activities, gaining ground on larger rivals. Sterling Holdco followed with a 46.01 percent increase to N476 billion, another sign that smaller lenders are growing quickly as they scale up operations.
Among the larger players, FCMB Group posted a 42.39 percent rise to N1.13 trillion, crossing the trillion-naira mark for the first time, while Stanbic IBTC Holdings Plc recorded a 35.91 percent increase to N1.09 trillion. These gains indicate strong demand for banking services despite economic pressures, as businesses and households continued to rely on loans, payments, and savings products.
Ecobank remained the biggest earner by far, generating N4.81 trillion in gross income. Although its growth rate of 14.25 percent was slower than that of others, the bank still added more than N600 billion in new earnings within a year.
Leading banks by total asset growth
Nigeria’s mid-tier banking segment recorded strong balance-sheet expansion in 2025, with combined assets rising to N74.53 trillion, a 15.75 percent increase from N64.39 trillion a year earlier, signaling continued growth in the scale of financial activity these institutions handle.
The figures show that while all five banks grew, the pace differed widely, highlighting how some lenders are expanding much faster than others. Wema Bank posted the fastest growth, increasing its assets by 40.67 percent to N5.05 trillion. In simple terms, this means the bank now controls significantly more customer deposits, loans, and investments than it did a year earlier, an indicator that more individuals and businesses are using it for financial services.
Stanbic IBTC Holdings Plc followed with a 24.75 percent rise to N8.62 trillion. Such an increase suggests strong business inflows, which could come from higher customer deposits, new loans issued, or gains from investments. For everyday customers, this kind of growth usually reflects a bank attracting more users or handling bigger transactions for companies.
Pan-African lender Ecobank expanded its assets by 14.09 percent to N49.4 trillion. Although its growth rate was slower than some rivals, the bank added more than N6 trillion in assets in a single year, showing that even moderate percentage increases can represent huge real-world sums when a bank is already very large.
Sterling Holdco recorded a 10.73 percent rise to N3.92 trillion, reflecting steady but less aggressive expansion. Meanwhile, FCMB Group reported the slowest growth at 6.95 percent, with assets surging to N7.54 trillion. While that pace trails competitors.
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Leading banks by deposit to customers
Data from five mid-sized banks disclosed that in 2025, total customer deposits rose to N51.43 trillion, up 17 percent from N43.93 trillion in 2024, indicating that more Nigerians and businesses are entrusting their money to these banks, a sign of increasing confidence in the financial system.
At the forefront of this deposit expansion was Stanbic IBTC, which grew its deposits by 45 percent to N4.37 trillion. This rapid growth indicates that the bank is successfully attracting new customers and handling larger transactions. Wema Bank followed, with deposits rising 30 percent to N3.28 trillion, showing strong momentum among smaller banks that are expanding their reach across the country.
Among the larger players, Ecobank continued to dominate in absolute terms, collecting N36.4 trillion in deposits. While its growth rate of 15 percent was lower than some of its competitors, the sheer volume of deposits added demonstrates the scale at which the bank operates. Sterling Holdco recorded steady progress with N2.98 trillion (18.7 percent), and FCMB Group grew more modestly to N4.4 trillion (2.56 percent).
Leading banks by Loan book growth
By the end of 2025, the five major banks in this category held a combined N51.43 trillion in customer deposits. Of this, N24.92 trillion was lent out to borrowers, meaning that roughly 48 percent of deposits were converted into loans to support economic activity.
FCMB Group collected N4.4 trillion in deposits in 2025 and lent out N2.29 trillion, using over half (52 percent) of what it held to fund loans. This shows that FCMB is actively lending.
Stanbic IBTC Holdings Plc was slightly more aggressive, turning N4.37 trillion in deposits into borrowing over N2.37 trillion in loans, or 54 percent. Similarly, Wema Bank used 53 percent of its N3.28 trillion in deposits to fund N1.74 trillion in loans.
On the other hand, Sterling Holdco converted about 48 percent of its deposits into loans, while Africa’s largest bank in this group, Ecobank, lent out 46.98 percent, or N17.1 trillion, of its N36.4 trillion deposits during the period.
The variations in loan-to-deposit ratios and loan disbursements among the banks reflect their individual lending strategies, risk appetite, and market positioning. Banks need to strike a balance between prudent lending practices and meeting customer credit needs to ensure sustainable growth and profitability.
Leading banks by interest income
The five mid-sized banks increased their interest income in 2025, earning a combined N5.94 trillion, up from N4.43 trillion in 2024. Interest income is the money banks earn from loans.
Wema Bank recorded the highest growth, rising 63 percent to N577 billion, followed by FCMB Group with 60.32 percent to N1 trillion. Sterling Holdco grew 53.49 percent to N396 billion, and Stanbic IBTC Holdings Plc increased 38.95 percent to N787 billion. Ecobank grew 15.64 percent to N3.18 trillion.
What investors should note
Investors should separate growth rate from size. A bank with high growth may still be smaller in total earnings. A bank with lower growth may still generate more income because of scale.
Profit shows returns. Deposits show customer trust. Loans show income potential.
A balanced view of these metrics helps investors judge whether performance comes from expansion, scale, or both.
