Saturday, April 5, 2025 - FCMB Group Plc (NGX: FCMB) has announced its audited financial results for the full year ended December 31, 2024, reporting a profit before tax (PBT) of N111.9 billion, a 7.1% year-on-year increase.
The Group recorded
a 53.9% increase in gross revenue at the end of December 2024, reaching N794.4
billion, driven by a 75.2% growth in interest income and an 8.7%
increase in non-interest income. Net interest income grew by 27.6%
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% 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% 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% 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% of the Group's PBT, recorded a 7.7% year-on-year
decline due to lower net interest margins and a decline in other
gains, whilst Investment Banking declined by 35%, reflecting the impact of a one-time
divestment gain recorded in 2023.
However, the Group's
Consumer Finance division recorded an 83.5% increase in PBT, while
Investment Management delivered a 27.9% growth.
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