Explore FCMB Group’s Impressive 67% Growth in Profit Before Tax to N91.8 Billion
FCMB Group Plc has reported significant growth in its financial performance for the first nine months of 2023, achieving a 108% year-on-year increase in profit before tax (PBT), which rose to ₦55.1 billion from ₦26.5 billion in the same period of 2022.
This growth was driven by a robust performance across its business segments, including banking, consumer finance, investment management, and investment banking.
The group also recorded a 75.7% increase in gross revenue to ₦351.5 billion, fueled by a rise in interest income (55.1%) and non-interest income (144.6%).
Lending activities expanded significantly, with loans and advances increasing by 34.3% to ₦1.59 trillion. Customer deposits also grew by 39.1%, reaching ₦2.53 trillion, reflecting strong customer trust.
Additionally, FCMB’s total assets rose by 32.2% year-on-year to ₦3.88 trillion, and its customer base grew to 12 million, showcasing the bank’s increasing reach.
The group’s focus on digitization and a technology-driven ecosystem played a key role in these achievements, as highlighted by the Group Chief Executive, Mr. Ladi Balogun.
The strong financial results underscore FCMB’s commitment to sustainable growth despite a challenging economic environment. For further details, you can check Vanguard’s coverage of the report.