FCMB group records 108% profit before tax

The FCMB Group Plc said it recorded a 108 per cent Year-on-Year growth in profit before tax.

In a statement yesterday, it said its profit rose to N55.1bn for the nine months ending September 30, 2023, surpassing the N26.5bn recorded in the same period in 2022.

It attributed the achievement to its performance across FCMB Group’s diverse business segments.

“The banking group also experienced an exceptional 130.1 percent growth in earnings, while consumer finance saw a commendable 32.6 per cent increase. Investment management and banking also contributed positively with growth rates of 38.7 per cent and 27.6 per cent respectively.”

It quoted the Group Chief Executive of FCMB Group, Ladi Balogun, as attributing the growth to the strategic use of its unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth.

Balogun said the approach allowed FCMB to navigate challenges and deliver solid performance, adding that its gross revenue also rose by to N351.5bn in September 2023, with interest income growing by 55.1 per cent and non-interest income by 144.6 per cent.

According to him, net interest income increased by 29.5 per cent to N120.5bn, driven by higher yields on earning assets.

“FCMB demonstrated a commitment to expanding its impact, increasing lending activities by 34.3 per cent to N1.59tr and experiencing a 39.1 per cent YoY growth in customer deposits, reaching N2.53tr. The institution’s total assets grew impressively by 32.2 per cent to N3.88tr, solidifying its position as a leading financial institution in Nigeria,” he said.