FCMB Group Plc closed 2024 with total assets of N7.1 trillion and deposits of N4.3 trillion as the Group’s digital transformation gathered pace with digital revenues reaching N101.9 billion, accounting for 13 per cent of gross earnings, while loans grew 28 per cent to N2.4 trillion.
The company’s non-banking divisions also achieved impressive growth, accounting for over 30 per cent of the Group’s total profits. Investment Management’s Assets Under Management grew by 35 per cent YoY to N1.4 trillion. The capital markets business sustained its performance, with gross earnings and PBT growing YoY by 57 per cent and 62 per cent, respectively.
Lending to the small and medium enterprises(SMEs), agriculture, and women-owned businesses exceeded N425 billion, N271 billion and N30 billion, growing year on year by 31 per cent, 33 per cent and 68% respectively, demonstrating FCMB’s commitment to its purpose of fostering inclusive growth.
Speaking at its 12th annual general meeting (AGM) in Lagos on Tuesday, the chairman of FCMB Group, Oladipupo Jadesimi, commended the Group’s diversified business model and the resilience of its workforce. To him, “As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create. This commitment is grounded on the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders.”
The group chief executive, Ladi Balogun stated that: “Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies.”
He emphasised that: “Going into 2025 and beyond, we expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfilment of our purpose.
“With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder, building an institution, nation and continent in which future generations can take pride.”
Resolutions passed at the AGM included the election of Muibat Ijaiya by rotation, ensuring Board continuity and expertise and authorisation for the Directors to determine Deloitte & Touche’s remuneration as external auditors.
Other matters that were approved pertained to the disclosure of senior management remuneration within the Annual Report; the election of the Audit Committee members to oversee financial reporting and risk management; and the approval of a final dividend of N0.55 kobo per share, payable to shareholders on the register.
Analysts are of the opinion that FCMB’s recapitalisation plan, along with the Group’s pivotal role in driving growth and stability, gives cause for optimism.
FCMB Group expects to conclude the second part of the Public Offer in H1 2025 via a convertible note of N22.5 billion, which is currently undergoing the CBN’s capital verification. Subsequent phases, which include the sale of a minority stake in two of its subsidiaries as well as an additional Equity Offer, are currently ongoing in line with the Group’s objective to ensure that the banking arm, First City Monument Bank Limited, meets the regulatory capital threshold required for maintaining its International Banking License before March 2026.
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