FCMB Group Plc has announced its audited financial results for the full year ended December 31, 2024, reporting a profit before tax of N111.9 billion—a 7.1% increase year-on-year. The Group’s gross revenue surged by 53.9% to N794.4 billion, driven by a remarkable 75.2% rise in interest income and an 8.7% growth in non-interest income.
Net interest income climbed by 27.6% to N225.3 billion, buoyed by improved yields on earning assets, although the net interest margin declined due to higher funding costs. The Group’s digital segment delivered impressive performance, with digital revenues jumping 69.2% from N60.3 billion to N101.9 billion. 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, while digital wealth management Assets Under Management (AUM) rose to N22.4 billion from N15.1 billion in the previous year.
Customer confidence remained robust, as deposits grew by 39.4% YoY to reach N4.3 trillion, up from N3.08 trillion. Additionally, FCMB Group’s total assets expanded by 59.5% year-on-year to N7.05 trillion, and loans and advances increased by 28% to N2.36 trillion. The Investment Management division also recorded a 35% growth in AUM, reaching N1.37 trillion.
Commenting on the results, Group Chief Executive Ladi Balogun stated, “We anticipate significant earnings per share growth in 2025, driven by the continued momentum in our non-banking businesses, a stronger balance sheet, digital transformation, and strategic market positioning.”
As part of its recapitalisation strategy, the Group successfully raised N144.6 billion through a public offer, securing the National Banking License for its banking subsidiary, with further capital-raising plans in place to meet the Central Bank of Nigeria’s minimum capital requirement for an international banking license.
While the Banking Group—which contributed 69.5% of the overall PBT—experienced a 7.7% decline due to lower net interest margins and reduced gains, and Investment Banking saw a 35% drop, the Consumer Finance division delivered an 83.5% increase in PBT, with Investment Management growing by 27.9%. The bank is poised to drive earnings in 2025 by optimising net interest margins through a stronger capital position, expanding digitally enabled payments and collections, and deepening engagement in premium retail and institutional banking.
Hobnob News will continue to follow FCMB Group’s progress as it leverages digital innovation and strategic initiatives to sustain its growth trajectory.
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