FCMB Group reports 148% profit growth

The FCMB Group Plc has recorded positive financial performance across key indicators with a 148% growth in profit before tax of N38.2 billion from January to June this year compared to N15.4 billion in the corresponding period of 2022.

Highlights of the unaudited six-month results released on the Nigerian Exchange Limited (NGX) revealed that various divisions achieved robust earnings growth: Banking Group 185.5%, Consumer Finance 10.3%, Investment Management 53.3%, and Investment Banking 54.3%.

In addition, FCMB Group’s gross revenue grew by 88.7% to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. This growth was driven by a 51.9% increase in interest income and a 216.9% increase in non-interest income.

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Commenting on the half-year financial results, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, said, “We continue to leverage our unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve.