N111.9 Billion Profit Before Tax: FCMB Group 2024 Results

FCMB Group’s 2024 Profit Before Tax Hits N111.9 Billion

​FCMB Group Plc has reported a Profit Before Tax (PBT) of ₦111.9 billion for the fiscal year ending December 31, 2024, marking a 7.1% year-on-year increase.

Key financial highlights for the period include:

• Gross Revenue: Increased by 53.9% to ₦794.4 billion, driven by a 75.2% growth in interest income and an 8.7% rise in non-interest income.
• Net Interest Income: Grew by 27.6% to ₦225.3 billion, supported by improved yields on earning assets, despite higher funding costs impacting net interest margins.​
• Digital Business Performance: Digital revenues rose by 69.2% to ₦101.9 billion. Over 1.6 million retail loans totaling ₦148.8 billion and more than 18,000 SME loans amounting to ₦208.2 billion were disbursed through digital channels. Assets Under Management (AUM) in digital wealth management increased to ₦22.4 billion from ₦15.1 billion.
• Customer Deposits: Grew by 39.4% year-on-year to ₦4.30 trillion.
• Total Assets: Increased by 59.5% to ₦7.05 trillion.​
• Loans and Advances: Rose by 28% to ₦2.36 trillion.​
• Investment Management AUM: Grew by 35% to ₦1.37 trillion.

Group Chief Executive Ladi Balogun expressed optimism for continued earnings growth in 2025, driven by strong non-banking operations, a robust balance sheet, digital transformation, and strategic market positioning.

As part of its recapitalization strategy, FCMB Group successfully raised ₦144.6 billion through a public offer, securing a National Banking License for its banking subsidiary. Further capital-raising plans are underway to meet the Central Bank of Nigeria’s requirements for an International banking license.​

The Banking Group contributed 69.5% of the Group’s PBT but experienced a 7.7% decline due to lower net interest margins and reduced other gains. However, the Consumer Finance division saw an 83.5% increase in PBT, and Investment Management reported a 27.9% growth.

Looking ahead, FCMB plans to optimize net interest margins, expand digital payment solutions, and deepen engagement in premium retail and institutional banking to drive earnings growth in 2025.