FCMB Group Records N111.9bn PBT In 2024

FCMB Group Plc, in its audited financial results for the full year ended December 31, 2024, recorded a profit before tax (PBT) of N111.9 billion, a 7.1 per cent year-on-year increase.

The Group recorded a 53.9 per cent per cent increase in gross revenue at the end of December 2024, reaching N794.4 billion, driven by a 75.2 per cent growth in interest income and an 8.7 per cent increase in non-interest income. Net interest income grew by 27.6 per cent to N225.3 billion, supported by improved yields on earning assets, despite a decline in net interest margin due to higher funding costs.

FCMB Group’s digital business continued to record strong growth, with digital revenues growing by 69.2 per cent from N60.3 billion to N101.9 billion as at December 2024. Over 1.6 million retail loans worth N148.8 billion and more than 18,000 SME loans totalling N208.2 billion were disbursed through digital channels. Assets Under Management (AUM) in digital wealth management rose to N22.4 billion as at December 2024, up from N15.1 billion in the prior year.

Customer confidence in FCMB remained strong as deposits grew by 39.4 per cent Year-on-Year to N4.30 trillion at the end of December 2024, compared to N3.08 trillion the preceding year.

FCMB Group’s total assets grew by 59.5% year-on-year to N7.05 trillion from N4.42 trillion in the prior year. Additionally, the Group’s loans and advances increased by 28 per cent to N2.36 trillion, while Assets Under Management (AUM) across the Investment Management division grew by 35% to N1.37 trillion at the end of December 2024.

Commenting on the results, the group chief executive of FCMB Group Plc, Ladi Balogun, said: “Overall, we anticipate significant earnings per share (EPS) growth in full-year 2025, underpinned by a continued momentum in our non-banking businesses, a stronger balance sheet, digital transformation, and strategic market positioning.”

As part of its recapitalisation strategy, FCMB Group successfully raised N144.6 billion through a public offer, securing the National Banking License of its banking subsidiary. Further capital-raising plans are underway to meet the Central Bank of Nigeria’s minimum capital requirement for an International banking license.

The Banking Group, which contributed 69.5 per cent of the Group’s PBT, recorded a 7.7 per cent year-on-year decline due to lower net interest margins and a decline in other gains, whilst Investment Banking declined by 35 per cent, reflecting the impact of a one-time divestment gain recorded in 2023.