New commercial bank records ₦160.4bn in assets, ₦103.1bn customer deposits and ₦13.1bn gross earnings after 10 months of operations. Alpha Morgan Bank Limited has announced a strong debut financial performance, posting a profit before tax of ₦1.9 billion for the 10-month period ended December 31, 2025, in what the bank describes as a major milestone in its early growth journey. The performance marks the bank’s first major reporting period since commencing operations in March 2025 and signals an early push by the new-generation commercial bank to establish scale, market confidence and operating momentum within Nigeria’s competitive banking industry.

According to the bank’s abridged financial statements, Alpha Morgan Bank closed the period with total assets of ₦160.4 billion, customer deposits of ₦103.1 billion and total equity of ₦23.7 billion. The bank also reported gross earnings of approximately ₦13.1 billion, driven by interest income of ₦10.3 billion, fee and commission income of ₦2.5 billion, and other operating income of ₦232.7 million. The result places Alpha Morgan Bank among the few newly established commercial banks to achieve profitability within its first reporting cycle, reflecting what the bank said was disciplined execution, strong customer acquisition, balance sheet efficiency and deliberate expansion across key business segments.

For the period under review, the bank recorded net interest income of ₦6.9 billion after interest expense of ₦3.4 billion. Operating income stood at ₦9.6 billion, while net operating income after impairment charges came to ₦9.4 billion. After total expenses of ₦7.5 billion and income tax expense of ₦758.5 million, profit after tax stood at ₦1.14 billion. The bank’s performance was supported by strong early deposit mobilisation, with deposits from customers reaching ₦103.1 billion as at December 31, 2025. Loans and advances to customers stood at ₦10.1 billion, indicating a cautious but active approach to risk-asset creation in its first year of operations.

The bank said its early performance was driven by a combination of customer acquisition, branch expansion, growth in demand deposits, quality risk-asset creation and balance sheet efficiency. It also credited the result to strong operational processes, technology-led systems, management depth and strategic oversight from its board. Speaking on the performance, Ade Buraimo, Managing Director/Chief Executive Officer of Alpha Morgan Bank, described the result as a validation of the bank’s business model and execution capacity.

“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution and market opportunity come together,” Buraimo said.

“From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale. To record a PBT of ₦1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth.”

The bank’s financial statements were approved by the board of directors on March 27, 2026, and signed on behalf of the board by Tope Smart, Chairman; Ade Buraimo, Managing Director/CEO; and Wale Abdul, Chief Finance Officer.

Deloitte & Touche, the bank’s independent auditors, issued an unmodified audit opinion on the full financial statements from which the summary financial information was derived. In its report dated May 25, 2026, the audit firm said the summary financial statements were consistent, in all material respects, with the audited financial statements of Alpha Morgan Bank Limited for the period ended December 31, 2025.

The summary financial statements were prepared in line with the requirements of the Companies and Allied Matters Act 2020, the Banks and Other Financial Institutions Act 2020, applicable Central Bank of Nigeria guidelines, and the Financial Reporting Council of Nigeria Act as amended. Alpha Morgan Bank also disclosed that it received and resolved 194 customer complaints during the period, with ₦2.68 billion claimed and ₦2.13 billion refunded. The bank said no unresolved complaints were escalated to the Central Bank of Nigeria for intervention during the period.

The bank commenced operations in March 2025 with regulatory approval for 14 branches across the country, giving it an early physical footprint at a time when many financial institutions are balancing branch expansion with digital banking investments. Alpha Morgan Bank describes itself as a customer-centric, innovative and solutions-driven commercial bank committed to delivering “Satisfying Banking.” The bank said its operating model is built around human-centred technology, transparent operations and customer-centric innovation.

Beyond its early profitability, the bank’s first reporting period will be closely watched for what it signals about execution discipline among new entrants in Nigeria’s banking sector. With total assets above ₦160 billion after 10 months, strong deposit mobilisation and early earnings traction, Alpha Morgan Bank enters its next phase with a platform for growth, but also with the pressure to sustain asset quality, deepen customer trust and convert early momentum into long-term institutional strength.