Alert Group PBT jumps 128% as deposits surge 475% to N94.82 billion

Alert Group has more than doubled its profit before tax to N1.31 billion in the first half of 2026, representing a 127.8% year-on-year increase, as rapid growth in deposits and loans drove a sharp expansion in its balance sheet.

The financial services group also recorded a 128% increase in profit after tax to N865.29 million, while total assets surged 301.2% to N118.35 billion, according to the Company’s half year (H1) 2026 unaudited financial statement made available to Nairametrics.

Alert Microfinance Bank, a key part of the Group, recorded a 52.4% increase in both profit before and after tax, with PBT rising to N725.26 million and PAT reaching N478.67 million.

However, the most significant growth came from the balance sheet, where Alert Group’s deposits jumped 474.7% to N94.82 billion, while loans and advances increased 224.2% to N80.41 billion.

Key highlights (H1 2026 vs H1 2025)

• Group profit before tax: N1.31 billion, up 127.8%
• Group profit after tax: N865.29 million, up 128%
• Group total assets: N118.35 billion, up 301.2%
• Group deposits: N94.82 billion, up 474.7%
• Group loans and advances: N80.41 billion, up 224.2%
• Group shareholders’ funds: N8.21 billion, up 71%
• Alert MFB profit before tax: N725.26 million, up 52.4%
• Alert MFB profit after tax: N478.67 million, up 52.4%
• Alert MFB total assets: N48.01 billion, up 176.6%
• Alert MFB deposits: N30.43 billion, up 329.8%
• Alert MFB loans and advances: N29.18 billion, up 98.1%
• Alert MFB shareholders’ funds: N6.30 billion, up 190.3%

CEO’s commentary:

Commenting on the Group’s expansion, Group Chief Executive Officer of Alert Group, Olanrewaju Kazeem, said the growth was the outcome of a deliberate strategy to expand financial services to more Nigerians, particularly the underbanked and unbanked.

• “The growth that you see in Alert Microfinance Bank and Alert Group as a whole is a deliberate plan to ensure that we are able to deliver quality service and also to extend our services to as many Nigerians as possible.”

He said the Group’s current asset base of about N120 billion, and Alert MFB’s approximately N50 billion, represented significant growth from about N2.5 billion three years ago.

According to him, the expansion has been supported by the bank’s national licence, growing public acceptance of the brand and a board-approved strategy focused on deepening financial inclusion across underserved communities.

• “The need for us to extend our services to other parts of the country where there is yearning for such services, particularly ensuring that we improve financial inclusion and help the underbanked and unbanked in Nigeria, is what is driving us.”

Kazeem added that rising inflation and exchange rate depreciation have also increased businesses’ working capital needs, particularly for companies that depend on imported goods.

• “The cost of goods has increased significantly. As a result, businesses need more working capital to maintain their existing level of operations, and that naturally increases demand for credit.”

He, however, said the microfinance banking industry continues to face significant challenges from high interest rates, rising personnel costs, shortages of skilled professionals and multiple taxation. According to the CEO, higher interest rates have increased funding costs and placed additional repayment pressure on borrowers, although the bank has maintained its non-performing loan ratio below 4%.

Driving the numbers:

Alert Group’s H1 2026 performance was driven primarily by aggressive deposit mobilisation and a sharp expansion in loans and advances.

• Deposits increased by 474.7% to N94.82 billion from N16.50 billion, adding approximately N78.32 billion during the period.
• Loans and advances rose 224.2% to N80.41 billion from N24.80 billion, representing an increase of N55.61 billion.

The sharp increase in deposits significantly strengthened the Group’s funding structure, with deposits now exceeding loans by approximately N14.4 billion.

This compares with H1 2025, when Group loans of N24.80 billion exceeded deposits of N16.50 billion.

As a result, the Group’s loans-to-deposits ratio improved to approximately 84.8% from about 150.3% in the corresponding period of 2025.

• Alert MFB recorded a similar improvement. Deposits surged 329.8% to N30.43 billion, while loans rose 98.1% to N29.18 billion.
• The MFB’s loans-to-deposits ratio consequently declined sharply from about 208% to approximately 95.9%.
• Profit growth also remained strong, although it lagged the pace of balance sheet expansion.

At Group level, profit before tax rose 127.8% to N1.31 billion, while profit after tax increased 128% to N865.29 million. At Alert MFB, PBT and PAT both increased 52.4%.

The figures indicate that the Group’s earnings base is expanding strongly, although the asset base is growing at a significantly faster rate.

Balance sheet performance:

Alert Group’s balance sheet recorded the most dramatic growth during the first half of 2026.

• Total assets surged to N118.35 billion from N29.50 billion in H1 2025.
• The N88.85 billion increase represents a 301.2% expansion, bringing the Group’s asset base to roughly four times its H1 2025 size.
• The expansion was driven largely by deposit mobilisation and growth in loans and advances.
• Deposits accounted for approximately 80.1% of Group assets in H1 2026, compared with 55.9% a year earlier.
• Alert MFB’s total assets also increased strongly, rising 176.6% to N48.01 billion from N17.36 billion.

Its deposits accounted for approximately 63.4% of total assets, compared with 40.8% in the corresponding period of 2025.

The growth in shareholders’ funds, however, presented a mixed picture.

• At Alert MFB, shareholders’ funds increased 190.3% to N6.30 billion, broadly keeping pace with the rapid expansion in total assets.
• At Group level, shareholders’ funds rose by a slower 71% to N8.21 billion, while total assets increased by more than 300%.

This resulted in Group shareholders’ funds accounting for approximately 6.9% of total assets, compared with about 16.3% in H1 2025.

• Assets were also approximately 14.4 times shareholders’ funds, compared with 6.1 times a year earlier.

Despite the rapid balance sheet expansion, the Group’s MFB now represents a smaller share of the consolidated business than it did a year earlier. Alert Group Limited is a Nigerian financial-services holding company focused on MSMEs, financial inclusion and access to capital.

Its subsidiaries include Alert Microfinance Bank, Auto Bucks Lenders, Bucksfield Asset Management and Greenbucks Limited. Alert MFB is the group’s principal banking subsidiary and a CBN-regulated microfinance bank, incorporated in 2013 and operational since January 2014.