RC 7275937
ALPHA MORGAN BANK LIMITED
SUMMARY FINANCIAL STATEMENTS FOR THE 10 MONTHS PERIOD ENDED 31 DECEMBER 2025
The Directors are pleased to present the summary financial information of Alpha Morgan Bank Limited for the 10 months period ended 31 December 2025. These summary financial information are
derived from the full financial statements for the period ended 31 December 2025, and are not the full financial statements of the Bank. The Bank’s Independent Auditors issued an unqualified audit
opinion on the full financial statements for the 10 months period ended 31 December 2025 from which these summary financial information were derived.
The full financial statements were approved by the Board of Directors on 27 March 2026 and signed on its behalf by:
Tope Smart
Chairman
FRC/2013/CIIN/000000001331
Ade Buraimo
Managing Director/CEO
FRC/2014/CIBN/00000006791
Wale Abdul
Chief Finance Officer
FRC/2024/PRO/ICAN/001/202879
ASSETS
TOTAL ASSETS
SUMMARY STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2025
INDEPENDENT AUDITORS’ REPORT ON SUMMARY FINANCIAL STATEMENTS
To the Shareholders of Alpha Morgan Bank Limited
Opinion
The summary financial statements of Alpha Morgan Bank Limited which comprise the
statement of financial position as at 31 December 2025, the summary statement of profit or
loss and other comprehensive income for the period then ended are derived from the audited
financial statements of Alpha Morgan Bank Limited for the period ended 31 December 2025.
In our opinion, the accompanying summary financial statements are consistent, in all material
respects, with the audited financial statements of Alpha Morgan Bank Limited, in accordance
with the requirements of Section 399 of the Companies and Allied Matters Act, 2020 for
abridged reports, Banks and Other Financial Institutions Act 2020 and the Financial Reporting
Council of Nigeria (Amendment) Act, 2023 as applicable to summary financial statements.
The Audited Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on those financial statements in our report dated
25 May 2026. That report also includes the communication of the key audit matter as described
in the auditor’s report on the financial statements.
Key audit matters are those matters that in our professional judgment, were of most
significance in our audit of the financial statements of the current period.
Joshua Ojo, FCA
FRC/2013/PRO/ICAN/001/00000000849
For: Deloitte & Touche
Lagos, Nigeria.
25 May 2026
Directors’ Responsibility for the Summary Financial Statements
The Directors are responsible for the preparation of the summary financial statements in
accordance with the requirements of Section 399 of the Companies and Allied Matters Act 2020,
as applicable to abridged reports, Banks and Other Financial Institution Act 2020, circulars and
guidelines issued by the Central Bank of Nigeria (CBN) and the Financial Reporting Council of
Nigeria (Amendment) Act 2023 as applicable to summary financial statements.
The Companies and Allied Matters Act require abridged reports to be prepared in accordance
with the framework concepts and the measurement and recognition requirements of the IFRS
Accounting Standards as issued by the International Accounting Standards Board.
Auditors’ Responsibility for the Summary Financial Statements
Report on Other Legal and Regulatory Requirements
Our responsibility is to express an opinion on whether the summary financial statements are
consistent, in all material respects, with the audited financial statements based on our
procedures which were conducted in accordance with the International Standards on Auditing
(ISA) 810 (Revised), “Engagement to report on Summary Financial Statements”.
The Bank complied with the Fifth Schedule of the Companies and Allied Matters Act, 2020.
In accordance with circular BSD/1/2004 issued by the Central Bank of Nigeria, details of insider
related credits are as disclosed in the notes to the financial statements.
Summary Financial Statements
The summary financial statements do not contain all the disclosures required by the IFRS
Accounting Standards as issued by the International Accounting Standards Board, Banks and
Other Financial Institution Act 2020, circulars and guidelines issued by the Central Bank of
Nigeria (CBN), the Financial Reporting Council of Nigeria (Amendment) Act, 2023 and the
requirements of the Companies and Allied Matters Act, 2020 as applicable to annual financial
statements. Reading the summary financial statements and the auditor’s report thereon,
therefore, it is not a substitute for reading the audited financial statements of Alpha Morgan
Bank Limited and the auditor’s report thereon. The summary financial statements and the
audited financial statements do not reflect the effect of events that occurred subsequent to the
date of our report on the audited financial statements.
Cash and balances with Central Bank of Nigeria
in thousands of Nigerian Naira
Due from banks
Pledged assets
Loans and advances to customers
Investments in securities:
– Debt instruments at fair value through other comprehensive income
– Debt instruments at amortised cost
Other assets
Property, plant and equipment
Right-of-use asset
Intangible assets
160,433,751
2,467,410
106,424,258
1,623,252
10,104,272
93,651
10,852,323
5,951,857
18,143,426
401,866
4,371,436
LIABILITIES
TOTAL LIABILITIES
Deposits from customers
Current income tax payable
Other liabilities
Deposit for shares
Lease liability
Provisions
Deferred tax liabilities
136,771,504
103,058,189
432,913
403,000
32,400,052
150,698
1,062
325,590
EQUITY
TOTAL LIABILITIES AND EQUITY
Share Capital
Retained earnings
Fair value reserve
Statutory reserve
Total equity attributable to owners
160,433,751
22,000,000
743,058
AGSMEIS earnings 57,159
519,080
342,950
23,662,247
31-DEC-2025
SUMMARY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE 10 MONTHS PERIOD ENDED AS AT 31 DECEMBER 2025
Interest income using effective interest rate
in thousands of Nigerian Naira
Interest expense using effective interest rate
Net interest income
Fee and commission income
Fee and commission expense
Net fee and commission income
Other operating income
Operating income
Impairment loss on financial instruments
Net operating income after impairment loss
Personnel expenses
Other operating expenses
10,301,812
(3,433,103)
6,868,709
2,521,690
2,563,893
(42,203)
232,715
9,623,114
(213,574)
9,409,540
(1,854,276)
(4,555,326)
Depreciation and amortisation
Total expenses
Profit before income tax
Income tax expense
Profit for the period
Other Comprehensive Income/(loss):
Item that may not be reclassified subsequently to profit or loss
(1,098,269)
(7,507,871)
1,901,669
(758,503)
1,143,166
Items that may be reclassified to profit or loss, net of tax
Other comprehensive income, net of tax:
Total other comprehensive (loss)/income for the period
Earnings per share
1,143,166
–
–
5.2k
31-DEC-2025
(10 months)
Below is a breakdown of complaints received and resolved by the Bank during the period 31 December 2025
pursuant to CBN circular dated 16 August 2011.
Description Number
– – –
194 2,675,511 2,128,326
194 – –
(194) – –
– – –
– – –
Amounts Claimed Amounts Refunded
Pending complaints brought forward
Received complaints
Total complaints
Resolved complaints
Unresolved complaints escalated to CBN for Intervention
Unresolved complaints pending with the bank
carried forward
Alpha Morgan Bank has announced a landmark financial performance, recording Profit Before Tax of N1.9 billion in just 10 months of operations, a result that stands as a major milestone in Nigeria’s banking industry and reinforces the Bank’s emergence as one of the country’s most remarkable new-generation financial institutions.
With this performance, Alpha Morgan Bank did not only break-even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.
The Bank’s strong debut performance was supported by robust growth across key financial and operating indicators. Highlights of the 10-month financial statement include customer deposit of over ₦103BN, gross earning of ₦13.1 billion, net interest margin of 67%, non-performing loan ratio of 0%.
The performance was driven largely by strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency. These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the Bank’s Board.
Speaking on the performance, the Managing Director, Ade Buraimo, described the result as a significant validation of the Bank’s vision, 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. 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 N1.9 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.”
About Alpha Morgan Bank
Alpha Morgan Bank is a customer-centric, innovative, and solutions-driven commercial bank, with a clear commitment to delivering “Satisfying Banking.”
Alpha Morgan Bank commenced operations in March 2025 with the rare distinction of regulatory approval for 14 branches across the country. This early footprint, combined with disciplined market execution, has enabled the Bank to build momentum across key business segments in record time.
Alpha Morgan Bank focuses on:
Human-Centred Technology: Digital tools designed for intuitive, everyday relevance and not vanity metrics.
Transparent Operations: From pricing to service promises, every process is clear, accountable, and customer friendly.
Customer-Centric Innovation: Continuously developing solutions and services driven by customer insights to deliver meaningful value and enhance satisfaction.
More than a financial institution, Alpha Morgan Bank positions itself as a partner in progress. Its vision is to drive possibilities, enable dreams, and reemphasize what it means to experience Satisfying Banking in Nigeria.
More about Alpha Morgan Bank on www.alphamorganbank.com
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