ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, September 21, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

FCMB Group’s Profit Before Tax Hits N55.1bn

by Olushola Bello
2 years ago
in Business
FCMB
Share on WhatsAppShare on FacebookShare on XTelegram

FCMB Group Plc’s profit before tax (PBT) rose  by 108% Year-on-Year (YoY) to N55.1 billion for the nine months ended September 30, 2023, compared to N26.5 billion in the corresponding period of 2022.

Advertisement

The group’s strong financial performance can be attributed to the collective strength of its diverse business segments. The banking group recorded a growth in earnings of 130.1 per cent, while Consumer Finance saw a growth of 32.6 per cent. Investment Management and Investment Banking also performed well, with growth rates of 38.7 per cent and 27.6 per cent respectively.

Commenting on the results, the group chief executive of FCMB Group Plc, 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, we believe this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”

Similarly, the Gross revenue rose 75.7 per cent to N351.5 billion as at September 2023, compared to N200.1 billion for the prior year. This was driven by a 55.1 per cent growth in interest income and a 144.6 per cent growth in non-interest income. Net interest income grew 29.5 per cent to N120.5 billion from N93.1 billion in the prior year. This was driven by an increase in the yield on earning assets for the period ended September 2023.

 

Related News

Afriland Towers Adequately Insured As Firm Reviews Coverage Details

5 hours ago

NAFDAC Intercepts Fake Cosmetics Products Worth N500m In Lagos

5 hours ago

FCMB increased its lending activities, providing loans and advances totalling N1.59 trillion, a 34.3 per cent increase from the previous year. Simultaneously, the institution experienced a 39.1 per cent YoY growth in customer deposits to N2.53 trillion, showcasing the unwavering trust of its customers. The Group’s total assets grew by an impressive 32.2 per cent YoY to N3.88 trillion from N2.93 trillion, strengthening its position as a leading financial institution in Nigeria.

 

Assets Under Management (AUM) recorded a 26.1% YoY growth from N756.1 billion to N953.7 billion as at September 2023.

 

The group’s customer base expanded 15.4% YoY, reaching 12 million as of September 2023, reflecting a current-year growth of over 1.1 million customers. Additionally, the agency banking business expanded its network to over 120,000 agents, acquiring over 130,000 customers. Investment Banking transaction value consumed by the group rose to N690.9 billion, marking a 15.2 per cent YoY growth.

 

In addition, the group completed the issuance of a Series 2 Additional Tier 1 Capital Bond under its N300 billion Debt Issuance Programme for its Banking Subsidiary, bringing the total Additional Tier I Capital raised during the year to N46.7 billion.

 

 

 

Join Our WhatsApp Channel

SendShare10173Tweet6358Share

Other News Updates

Business

Afriland Towers Adequately Insured As Firm Reviews Coverage Details

2025/09/21
Business

NAFDAC Intercepts Fake Cosmetics Products Worth N500m In Lagos

2025/09/21
Business

WACT-APM Terminals Renovates Teachers’ Quarters In Host Community

2025/09/21
Business

ICSAN Pushes For Policy-Driven AI Adoption To Reform Governance

2025/09/21
Business

Yola DisCo Offers Free Eye Surgery, Medication To Communities

2025/09/21
Business

Nigeria’s E-commerce Market To Exceed $16bn By 2030 Amid Digital Transformation

2025/09/21
Leadership Conference advertisement

LATEST

Adekunle Gold to Release New Album ‘Fuji’ Oct 3

5 Nail Changes That Signal Big Health Problems

Sails, Sun, And Spectacle: The Joy Of A Boat Regatta

Tinubu To Wife At 65: ‘You’re My Confidant, Counsellor, Steady Flame’

Is Nigeria Getting Left Behind In Health Technology?

National Youth Games 2025: Edo Disqualified, Abia Upgraded To Bronze In Boys’ Rugby Sevens

The Tragedy Of Laziness

Uyi Akpata Secures 2nd Term As President Of Nigeria Cricket Federation

Nigerian Youngster Signs First Professional Contract At Wolves

WAFU U17: Golden Eaglets Pass MRI Tests

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.