Nigeria’s mid-sized banks reported a rise in earnings between 2021 and 2025, with combined gross earnings rising by 446.9 percent, according to data tracked by BusinessDay.
The five banks analysed, FCMB Group, Stanbic IBTC Holdings Plc, Wema Bank, Sterling Holdco, and Ecobank Transnational Incorporated, collectively increased their gross revenue to N8.16 trillion in 2025 from N1.49 trillion reported in 2021.
The data show that aggregate gross earnings nearly doubled in 2024 to N6.57 trillion, from N3.24 trillion in 2023, N1.94 trillion in 2022, and N1.49 trillion in 2021, before rising further to N8.16 trillion in 2025.
Ecobank Transnational Incorporated led the surge, with gross earnings jumping from N1.82 trillion in 2023 to N4.21 trillion in 2024 and N4.81 trillion in 2025, reinforcing its position as the dominant earnings driver within the group.
Stanbic IBTC and FCMB also crossed the N1 trillion earnings mark by 2025, reporting N1.09 trillion and N1.13 trillion, respectively, highlighting the growing scale of Nigeria-focused financial holding companies.
Wema Bank and Sterling Holdco, though smaller in size, showed consistent growth trajectories. Wema’s earnings rose from N222 billion in 2023 to N653 billion in 2025, while Sterling Holdco expanded from N175 billion in 2022 to N476 billion in 2025.
The broad-based earnings growth is a combination of higher interest rates, aggressive loan repricing, and significant FX-related income following the naira devaluation.
Profit growth outpaces earnings
Profitability expanded even faster than top-line growth, with total profit after tax rising from N533 billion in 2023 to N1.17 trillion in 2024 and N1.79 trillion in 2025, reflecting the impact of FX revaluation gains, asset repricing, and improved balance sheet positioning.
Ecobank again accounted for the largest share, with profit increasing from N263 billion in 2023 to N742 billion in 2024 and N959 billion in 2025, supported by its diversified African operations and FX exposures.
Stanbic IBTC delivered one of the strongest profit trajectories among Nigerian subsidiaries, growing profit from N141 billion in 2023 to N381 billion in 2025, benefiting from trading income and asset management revenues.
Wema Bank emerged as a standout performer among smaller lenders, with profit rising more than fivefold from N35 billion in 2023 to N193 billion in 2025, reflecting improved efficiency and digital banking scale.
FCMB’s earnings growth translated into a more volatile profit path, dipping slightly in 2024 before rebounding strongly to N176 billion in 2025, suggesting cost pressures and balance sheet adjustments during the transition period.
Sterling Holdco recorded steady gains, with profit rising from N19 billion in 2022 to N78 billion in 2025.
Nigeria’s high-interest-rate environment, combined with currency liberalisation, created a unique earnings window for banks holding foreign currency assets or engaging in trade finance.
However, analysts caution that a significant portion of these gains may be non-recurring, particularly those tied to FX revaluation.
