The group’s profit after tax also climbed 128 per cent to N865.29 million, according to its unaudited H1 2026 financial statements.
The stronger earnings came alongside an even more dramatic expansion of the balance sheet. Total assets jumped 301.2 per cent to N118.35 billion from N29.50 billion recorded in the corresponding period of 2025.
At the heart of the expansion was an aggressive mobilisation of deposits, which increased 474.7 per cent to N94.82 billion from N16.50 billion a year earlier.
Loans and advances also grew substantially, rising 224.2 per cent to N80.41 billion from N24.80 billion.
The figures indicate that Alert Group is rapidly scaling both its funding base and lending activities, with deposits now exceeding loans by approximately N14.4 billion.
This marks a significant shift from the first half of 2025, when the group’s N24.80 billion in loans exceeded deposits of N16.50 billion.
Consequently, the group’s loans-to-deposits ratio improved to approximately 84.8 per cent in H1 2026, compared with about 150.3 per cent in the same period last year.
Alert MFB records strong growth
Alert Microfinance Bank, the group’s principal banking subsidiary, also recorded strong growth, although at a slower pace than the consolidated business.
The microfinance bank’s profit before tax rose 52.4 per cent to N725.26 million, while profit after tax increased by the same percentage to N478.67 million.
Its total assets expanded 176.6 per cent to N48.01 billion from N17.36 billion.
Deposits rose 329.8 per cent to N30.43 billion, while loans and advances increased 98.1 per cent to N29.18 billion.
The sharp increase in deposits also improved the bank’s funding position. Its loans-to-deposits ratio fell from approximately 208 per cent in H1 2025 to about 95.9 per cent in H1 2026.
Shareholders’ funds at Alert MFB grew 190.3 per cent to N6.30 billion, broadly keeping pace with the expansion of its asset base.
At group level, however, shareholders’ funds rose by 71 per cent to N8.21 billion, significantly slower than the 301.2 per cent growth in total assets.
As a result, shareholders’ funds accounted for about 6.9 per cent of the group’s total assets, compared with approximately 16.3 per cent in H1 2025.
The development means the group’s assets were equivalent to roughly 14.4 times shareholders’ funds, compared with 6.1 times a year earlier, highlighting the substantial increase in the scale of its balance sheet relative to its equity base.
Financial inclusion drives expansion
Alert Group Chief Executive Officer, Olanrewaju Kazeem, attributed the expansion to a deliberate strategy to extend financial services to more Nigerians, particularly people and businesses that remain underserved by traditional financial institutions.
“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.”
Kazeem said the group’s asset base had grown to about N120 billion, while Alert Microfinance Bank had reached approximately N50 billion, compared with about N2.5 billion three years ago.
He attributed the rapid growth to the bank’s national licence, increased public acceptance of the Alert brand and a board-approved strategy focused on expanding financial inclusion in 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.”
The group’s expansion comes against the backdrop of persistent financing challenges facing Nigerian businesses, particularly micro, small and medium-sized enterprises.
According to Kazeem, inflation and the depreciation of the naira have increased working capital requirements for businesses, especially companies reliant on imported goods and inputs.
“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.”
High interest rates remain a challenge
Despite the strong performance, Kazeem said the microfinance banking industry continues to operate in a difficult environment.
He identified high interest rates, rising personnel costs, shortages of skilled professionals and multiple taxation as some of the major challenges facing operators.
Higher interest rates, he explained, have increased funding costs for financial institutions while also placing additional repayment pressure on borrowers.
Despite these pressures, Alert said it has maintained its non-performing loan ratio below four per cent.
The relatively contained level of non-performing loans will remain important as the group expands its lending operations, particularly given the rapid increase in its loan book during the period.
Deposits become major funding source
The movement in Alert Group’s deposits represents one of the most significant features of its H1 2026 performance.
Deposits increased by approximately N78.32 billion during the period, rising from N16.50 billion to N94.82 billion.
The sharp mobilisation means deposits now account for approximately 80.1 per cent of the group’s total assets, compared with 55.9 per cent in H1 2025.
Alert MFB recorded a similar trend, with deposits accounting for about 63.4 per cent of its N48.01 billion asset base, compared with 40.8 per cent a year earlier.
The growth in deposits has therefore transformed the group's funding structure, providing a significantly larger pool of customer funds to support its lending and other financial activities.
However, the pace of balance-sheet growth has outstripped earnings growth. While profit before tax increased by 127.8 per cent and profit after tax by 128 per cent at group level, total assets expanded by more than 300 per cent.
This suggests that the group is currently prioritising scale and market expansion, with the expectation that its enlarged customer and asset base will support stronger earnings over time.
Building a broader financial-services group
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 Microfinance Bank remains the group’s principal banking subsidiary. The CBN-regulated institution was incorporated in 2013 and commenced operations in January 2014.
The latest results show that the group has moved rapidly beyond the scale at which it operated only a few years ago.
With total assets now approaching N120 billion and deposits nearing N95 billion, Alert Group is positioning itself for a significantly larger role in Nigeria’s financial-services market.
The immediate challenge will be to sustain this rapid expansion while preserving asset quality, managing funding and operating costs, maintaining adequate capital and ensuring that the growth in lending translates into durable profitability.
For now, the H1 2026 numbers point to a financial-services group expanding aggressively, with financial inclusion, deposit mobilisation and increased demand for credit providing the main engines of growth.