Alpha Morgan Posts N1.9 Billion Profit in Just 10 Months of Operation

Alpha Morgan Bank has announced a remarkable financial milestone, recording a Profit Before Tax (PBT) of N1.9 billion in its first ten months of operation. This achievement marks a significant breakthrough not only for the bank but also for Nigeria’s banking sector, positioning Alpha Morgan as one of the most impressive new-generation financial institutions in the country.

This outstanding performance underscores the bank’s rapid trajectory from inception to profitability, breaking even in an exceptionally short period—a feat believed to be unprecedented in Nigeria’s banking history. It highlights the strength of Alpha Morgan’s strategic approach, disciplined execution, and the confidence the market has in its innovative business model.

The bank’s early success is supported by impressive growth across multiple financial and operational indicators. Noteworthy figures from the ten-month financial report include customer deposits exceeding ₦103 billion, gross earnings of ₦13.1 billion, a net interest margin of 67%, and a non-performing loan ratio of 0%.

This stellar result was largely driven by a deliberate focus on customer acquisition and branch expansion, alongside strategic emphasis on demand deposits, quality risk asset creation, and overall balance sheet efficiency. These achievements were further bolstered by advanced operational processes powered by robust technology, experienced management, and strategic oversight from the Bank’s Board.

In commenting on the impressive performance, Managing Director Ade Buraimo expressed pride in the achievement, describing it as a clear 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 solution-driven, value-creating institution committed to delivering scale and impact.”

He added, “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.”