H1: FCMB Group Reports 148% Profit Growth

FCMB Group Plc has announced that it recorded positive financial performance across key indicators with profit before tax reaching N38.2 billion from January to June this year, compared to N15.4 billion in the corresponding period of 2022.

Highlights of the diversified Group’s unaudited six-month results released on the Nigerian Exchange Limited (NGX) floor showed that various divisions achieved robust earnings growth: Banking Group 185.5 per cent, Consumer Finance 10.3 per cent, Investment Management 53.3 per cent, and Investment Banking 54.3 per cent. In addition, FCMB Group’s gross revenue grew by 88.7 per cent to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. This growth was driven by a 51.9 per cent increase in interest income and a 216.9 per cent increase in non-interest income.

Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.

“Customer confidence in FCMB Group remained strong, as deposits rose by 45.3 per cent year-on-year to N2.38 trillion at the end of June, up from N1.64 trillion in the corresponding period of 2022, whilst Loans and advances also grew by 37.4 per cent to N1.54 trillion, compared to N1.12 trillion in the previous period. The Group’s Assets Under Management (AUM) recorded an increase of 23.6 per cent year-on-year to N910.3 billion at the end of June 2023, up from N736.4 billion at the end of June 2022.”