FCMB Group’s profit rises by 192.6% in Q1 2024

The FCMB Group Plc has announced a 192.6 percent profit before tax to N31.3bn compared to the N10.7bn in the same period in 2023.

In a statement, it said all of the group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1 per cent, Consumer Finance at 165.4 percent, Banking Group at 157.2 percent, and Investment Management at 74.3 percent.

It said the performance across all business segments is a strategic initiative, which aligns perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

“FCMB Group recorded a substantial 104.8 percent growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9 percent growth in interest income and a 150.9 percent growth in non-interest income. Additionally, customer confidence remained strong, with deposits rising by 63.2 percent year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024,” the bank said.

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The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, expressed confidence that the growth trend will be sustained.

The group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4 percent increase, Year-on-Year, from N1.2 trillion in the corresponding period of 2023.

Net interest income increased by 74.5 percent, from N31.7 billion in the first quarter of 2023 to N55.4 billion in the first quarter of 2024. Total assets increased by 68.5 percent, from N3.1 trillion to N5.2 trillion. 

Assets Under Management (AUM) grew 35.0 percent Year-on-Year, from N830 billion to N1.02 trillion at the end of March 2024.