FCMB Group PLC (NGX: FCMB) announced its full-year audited financial results ended December 31, 2024, with reported pre-tax profit of 111.9 billion n11.19 billion, a year-on-year increase of 7.1%.
The group’s total revenue increased by 53.9% at the end of December 2024 to 794.4 million guilds, due to a 75.2% increase in interest income and an 8.7% increase in non-interest income. Net interest income rose 27.6% to 225.3 billion guilds, although net interest margins fell due to higher funding costs, but the yield on income increased.
FCMB Group’s digital business continues to generate strong growth, with digital revenue growing from 60.3 billion guilds to 11.9 billion guilds as of December 2024. More than 1.6 million retail loans, worth 1.488 billion guild, over 18,000 n20,82 billion guild, totaling over 208.2 billion guild. As of December 2024, the assets under management (AUM) in digital wealth management rose to 22.4 billion guilds, up from 15.1 billion guilds in the previous year.
With deposits growing by 39.4% year-on-year to $4.30 trillion at the end of December 2024, customers still have strong confidence in FCMB compared to N3.08 trillion n3.08 trillion in the previous year.
FCMB Group’s total assets rose 59.5% year-on-year, up 7.05 trillion from US$4.42 trillion in the previous year. In addition, the group’s loans and progress grew 28% to 23.6 trillion n2.3.6 trillion, while at the end of December 2024, the assets managed by the entire investment management department (AUM) increased 35% to 1.37 trillion.
Commenting on the results, the CEO of the FCMB Group Plc Ladi Balogun said:
“In general, we expect it to be important
As part of the recapitalization strategy, FCMB Group successfully raised 144.6 billion guilds through public quotes and secured a national banking license for its banking subsidiary. Further capital raising plans are underway to meet the minimum capital requirements of the Central Bank of Nigeria for international bank licenses.
The banking group contributed 69.5% of the group’s PBT, down 7.7% year-on-year due to lower net profit margins and lower other earnings, while investment banking fell 35%, reflecting the impact of gains from divestitures in 2023 in 2023.
However, the group’s consumer finance division’s PBT grew by 83.5%, while the investment management grew by 27.9%.
The bank plans to drive net interest margins by optimizing net interest margins through stronger capital status, expanding with digital payment and collection solutions to enable low-cost deposit funds and gain deeper involvement in advanced retail and institutional banking. Consumer finance is expected to maintain its strong momentum with digital innovation and new products, while investment banks aim to capitalize on increased capital market activity. Investment management is expected to continue its steady growth.
