FCMB Group Reports N38.2bn Profit in First Half of 2023

FCMB Group Plc grew profit before tax by 148 percent to N38.2 billion in the first half of the year, up from N15.4 billion reported in the same period of 2022.

This was disclosed in the bank’s unaudited financial statement obtained by Investors King. from the Nigerian Exchange Limited (NGX).

The growth in FCMB’s earnings was no fluke as the lender recorded growth across key indicators. The banking group division posted 185.5 percent increase while consumer finance, investment management, and investment banking also posted strong growth at 10.3 percent, 53.3 percent, and 54.3 percent, respectively.

Driving this remarkable financial performance, FCMB Group’s gross revenue surged by 88.7 percent to N238.2 billion in June 2023 when compared to N126.2 billion in the previous year’s period. This growth was fueled by a 51.9 per cent increase in interest income and an astounding 216.9 per cent increase in non-interest income.

The Group Chief Executive of FCMB Group Plc, Ladi Balogun, attributed the company’s success to the strategic implementation of their unique group structure, fostering a technology-driven ecosystem that promotes inclusive and sustainable growth in the communities they serve.

However, it wasn’t just financial gains that FCMB Group celebrated. The half-year results showcased their significant contributions to environmental, social, and corporate governance activities, playing a crucial role in promoting sustainable and inclusive growth in society.

FCMB’s commitment to supporting agriculture was evident as they increased lending to the agricultural sector by 18.4 per cent to N174 billion for the first half of 2023. Working with partners, the bank provided finance for 24,000 rural farmers and supported the rehabilitation of 80,000 farming households in the North-East geo-political zone of Nigeria.

FCMB Group demonstrated its dedication to climate action by securing funding of up to N5 billion for on-lending to customers in need of solar energy solutions, aligning with their commitment to support renewable energy sources.

The bank contributed to foreign exchange flows by facilitating over $160 million and $81 million in export and remittance flows into Nigeria during the first half of 2023.

Also, FCMB Group expanded its customer base by acquiring an impressive 869,000 new customers, bringing their total customer base to 11.7 million for the first half of 2023, compared to 10.1 million in the corresponding period of 2022.