First City Monument Bank’s Subsidiaries Show Resilience Amid Market Headwinds

FCMB Group Plc’s subsidiaries, spanning retail, corporate, investment banking, pensions, consumer finance, capital markets, trustees, and microfinance, have delivered robust first-half (H1) 2025 results.

The Group has been in operation for over 40 years, evolving from its investment banking roots in 1977 into a financial holding company with seven primary and two tertiary subsidiaries, which provides resilience against macroeconomic shocks and market headwinds. As of the full year ended 2024, the Group had over 8,000 employees, and the subsidiaries are leaders in their respective industries.

FCMB’s diversification helps spread income sources across various products (loans, deposits, fees, trading) and sectors, reducing dependence on any single revenue stream. This lowers the bank’s overall risk exposure to economic downturns or sector-specific shocks. FCMB’s diversified model buffers against shocks such as interest rate fluctuations, credit crunches, or market volatility, supporting long-term sustainability.

FCMB Limited ranks as one of the top 10 banks by assets, loans, and deposits, and seventh by net assets. FCMB Limited recorded a profit after tax of N63.72 billion as at H1 2025. This was up 42.5 per cent compared to N44.7 billion profit after tax for H1, 2024, recorded by the banking subsidiary.
FCMB Pensions is a top-five Pension Fund Administrator (PFA) with N1.06 trillion in assets under management (AUM) as of June 30, 2025. FCMB Pensions reported a profit of N1.44 billion in H1 2025, representing an 18.7 per cent increase compared to the H1 2024 period. Diversified banks can better meet evolving customer needs through integrated solutions, improving customer loyalty and market positioning.

Credit Direct Limited, another major subsidiary, is the number one consumer finance platform in Nigeria. Credit Direct Limited demonstrated resilience during the FY 2024 period, with revenues from loans originated digitally increasing by 140 per cent year-over-year (YoY) to N38.4 billion in 2024, from N16 billion in 2023.

The business continues to leverage digital technologies to enhance customer experiences, streamline operations, and optimise sales, adding over 88,724 new customers in 2024 and increasing disbursements by 65 per cent YoY.

Credit Direct is also highly profitable, reporting a profit after tax of N5.98 billion as of June 2025, up 52 per cent compared to N3.93 billion earned in June 2024. Offering a broad range of financial products (retail banking, corporate banking, investment banking, and wealth management) enables banks to capture additional markets and customer segments. With multiple income streams, FCMB achieves more stable and predictable earnings, reducing the potential for income volatility.

FCMB Capital Markets, a major subsidiary, ranked first on the FMDQ league table as of H1 2025. It recorded a profit of N664 million as at June 2025, up 210 per cent, compared to N214 million recorded in June 2024. CSL Stockbrokers, a subsidiary consistently ranked in the top five on the league table for executed trades, recorded a profit after tax of N1.122 billion as of June 2025.

FCMB Trustees Limited and FCMB MicroFinance Limited reported profit after tax of N128 million and N176.5 million, respectively.

FCMB Group stated that “a diversified business model provides the Company with enhanced risk management, steadier earnings, greater growth potential, competitive strength, efficient capital use, and resilience, all of which contribute to stronger financial performance and shareholder value. FCMB’s diversification also helps it optimise risk-weighted assets and capital allocation, helping it manage capital cost-effectively while maintaining regulatory compliance.”