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…Customer base hits 11.4m
FCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments.
Digital banking initiatives have gained significant traction within the group, contributing to its overall performance.
In the first quarter, digital revenues accounted for 12.0% of gross earnings, equivalent to N10.0 billion. This substantial growth highlights the group’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.
The impact of digitalisation was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues accounted for 8.0% (N5.2 billion), reflecting customers’ increasing adoption of digital banking services.
Also, digital initiatives contributed 6.4% (N76.3 billion) of the loan book, showcasing the group’s focus on digital lending solutions.
In addition, digital channels accounted for 7.0% (N10.0 billion) of the Assets Under Management (AUM) in the group’s asset management business, reflecting the strength of its digital investment platforms.
Commenting on the results, the Group Chief Executive, Mr Ladi Balogun, said: “We continue to leverage our unique group structure to build a technology-driven ecosystem that is fostering inclusive and sustainable growth in the communities we serve.”
The group also acquired 500,000 new customers pushing its customer base to 11.4 million. This growth reflects the Group’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.
It also recorded an impressive 78 per cent increase in profit before tax, with N10.7 billion as against N6 billion in the corresponding period of 2022.
