The customer base of FCMB Group Plc has risen to 11.4million as its financial results for the first quarter of 2023, revealed.
This, it said, demonstrated the continued success of its digital banking initiatives across various business segments.
Digital banking initiatives, it pointed out, have gained significant traction within FCMB Group, contributing to its overall performance.
In the first quarter, digital revenues accounted for 12.0 per cent of gross earnings, equivalent to N10.0 billion. This substantial growth highlights the Group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.
The impact of digitalisation was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues accounted for 8.0 per cent (N5.2 billion), reflecting customers’ increasing adoption of digital banking services. Furthermore, digital initiatives contributed 6.4 per cent (N76.3 billion) of the loan book, showcasing the Group’s focus on digital lending solutions.
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In addition, digital channels accounted for 7.0 per cent (N10billion) of the Assets Under Management (AUM) in the Group’s Asset Management business, reflecting the strength of its digital investment platforms.
Commenting on the results, the group chief executive, Mr Ladi Balogun, said: “we continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering 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, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”
Remarkably, during the period under review, FCMB Group achieved a significant 50 per cent increase in gross revenue. Gross revenue rose to N87.4 billion, compared to N58.3 billion in the corresponding period of the previous year. This growth was driven by a substantial 41.4% increase in interest income and an impressive 84.2% rise in non-interest income. These results highlight FCMB Group’s ability to generate significant revenue across its diverse business lines.
Furthermore, FCMB Group witnessed a substantial 25.1% year-on-year increase in total assets, reaching an impressive N3.1 trillion at the end of the first quarter of 2023. This growth underscores the Group’s ability to effectively manage and expand its asset base, positioning it for further success in the fast-evolving financial services landscape.
The group also acquired 500,000 new customers pushing its customer base to 11.4 million. This growth reflects the Group’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.
