FCMB Group Plc has unveiled its audited financial results for the year ending December 31, 2024, showcasing a profit before tax (PBT) of N111.9 billion, marking a 7.1% growth compared to the previous year.
The Group’s total revenue surged by 53.9%, reaching N794.4 billion, driven by a remarkable 75.2% rise in interest income and an 8.7% increase in non-interest income.
Net interest income climbed 27.6% to N225.3 billion, propelled by enhanced yields on earning assets, despite a slight reduction in net interest margin due to rising funding costs.
FCMB’s digital business experienced robust growth, with digital revenue soaring by 69.2%, from N60.3 billion to N101.9 billion. Through its digital channels, the Group disbursed over 1.6 million retail loans amounting to N148.8 billion, along with more than 18,000 SME loans totaling N208.2 billion. Additionally, assets under management (AUM) in digital wealth management grew to N22.4 billion, up from N15.1 billion in 2023.
Customer confidence remained strong, as evidenced by a 39.4% increase in deposits, reaching N4.3 trillion, up from N3.08 trillion in the prior year.
FCMB Group’s total assets rose by 59.5%, from N4.42 trillion to N7.05 trillion, while loans and advances increased by 28%, totaling N2.36 trillion. The Group’s Investment Management division saw a 35% growth in AUM, reaching N1.37 trillion by the close of 2024.
Ladi Balogun, the Group Chief Executive of FCMB, commented on the results: “We expect significant growth in earnings per share (EPS) in 2025, driven by our continued momentum in non-banking sectors, a stronger balance sheet, ongoing digital transformation, and strategic market positioning.”
In line with its recapitalization strategy, FCMB Group raised N144.6 billion through a public offering, securing the National Banking License for its banking subsidiary. The Group is also planning further capital-raising efforts to meet the Central Bank of Nigeria’s requirements for an International banking license.
Although the banking segment, which contributed 69.5% of the Group’s PBT, saw a 7.7% year-on-year decline due to lower net interest margins and a drop in other gains, the Consumer Finance division saw a substantial 83.5% increase in PBT. The Investment Management segment also experienced a 27.9% growth.
Looking ahead, FCMB plans to focus on driving earnings growth in 2025 by optimizing net interest margins, expanding digital payments and collection solutions to reduce deposit costs, and enhancing engagement in both premium retail and institutional banking. The Consumer Finance division is expected to maintain its strong growth, fueled by digital innovations and new product offerings, while Investment Banking aims to leverage increased capital market activity. Investment Management is set to continue its steady upward trajectory.
